A division bench of the Bombay High Court has held that the redemption fine paid to the customs department for violation of law cannot be allowed as business expenditure under Section 37 of the Income Tax Act, 1961. The assessee, Sushil Gupta was using import license of M/s. Rajnikant Bros. which is an export house. […]
The post Redemption Fine not allowable as Business Expenditure: Bombay High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
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