Redemption fine for infraction of law not allowable U/s 37

Pr. CIT Vs Sushil Gupta (Bombay High Court)

Conclusion: Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee.

Held: Assessee was using import license of M/s. R Bros. which was an export house. For using the license, assessee would pay service charges equivalent to 25% of CIF value of the goods. It was pointed that the consignment of almond was imported by M/s. R and assessee had merely ac

Please become a Premium member. If you are already a Premium member, login here to access the full content.