https://www.taxtmi.com/circulars?id=9141 Payments made by producers in lieu of non-fulfilment of prescribed production quotas are not penalties but business options exercised due to business exigencies and are allowable as deduction under section 37; the Board directed withdrawal or concession of pending appeals and instructed Commissioners to withdraw or concede such matters, noting the Gujarat High Court decision as sound in law. en-us Sat, 24 Dec 1977 00:00:00 +0530 Thu, 02 Jun 2011 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9141 Payments made by producers in lieu of non-fulfilment of prescribed production quotas are not penalties but business options exercised due to business exigencies and are allowable as deduction under section 37; the Board directed withdrawal or concession of pending appeals and instructed Commissioners to withdraw or concede such matters, noting the Gujarat High Court decision as sound in law. Circulars Income Tax Sat, 24 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9141