https://www.taxtmi.com/caselaws?id=72048 Penalty and penal interest for breach of statutory obligations are deductible only to the extent the levy is compensatory; where the nature of the charge is not clear, the deductible element must be identified from the statutory scheme, so the matter was remanded for fresh bifurcation. Enhanced lease rent paid to related concerns was allowed because the claim had already been accepted on similar facts in earlier years. Expenditure under deferred revenue was not automatically governed by section 35D; revenue items remained deductible, while capital items such as authorised capital increase and stamp duty were not allowable. Delayed PF and ESI contributions were deductible under the retrospective operation of the amended section 43B, so disallowance was not sustained. en-us Fri, 12 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72048 Penalty and penal interest for breach of statutory obligations are deductible only to the extent the levy is compensatory; where the nature of the charge is not clear, the deductible element must be identified from the statutory scheme, so the matter was remanded for fresh bifurcation. Enhanced lease rent paid to related concerns was allowed because the claim had already been accepted on similar facts in earlier years. Expenditure under deferred revenue was not automatically governed by section 35D; revenue items remained deductible, while capital items such as authorised capital increase and stamp duty were not allowable. Delayed PF and ESI contributions were deductible under the retrospective operation of the amended section 43B, so disallowance was not sustained. Case-Laws Income Tax Fri, 12 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72048