https://www.taxtmi.com/caselaws?id=63803 The Tribunal upheld the deletion of Rs. 1,30,000 as a redemption fine and Rs. 13,000 as a personal penalty imposed by the Customs Department. The Tribunal found that both payments were compensatory in nature and not prohibited by law, thus deductible under section 37 of the Income Tax Act. The retrospective amendment to section 37 did not apply in this case. As a result, the appeal of the Revenue was dismissed, and the cross-objection filed by the assessee was dismissed as being out of time. en-us Mon, 10 Feb 2003 00:00:00 +0530 Wed, 02 Feb 2011 10:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63803 The Tribunal upheld the deletion of Rs. 1,30,000 as a redemption fine and Rs. 13,000 as a personal penalty imposed by the Customs Department. The Tribunal found that both payments were compensatory in nature and not prohibited by law, thus deductible under section 37 of the Income Tax Act. The retrospective amendment to section 37 did not apply in this case. As a result, the appeal of the Revenue was dismissed, and the cross-objection filed by the assessee was dismissed as being out of time. Case-Laws Income Tax Mon, 10 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63803