https://www.taxtmi.com/caselaws?id=239720 The tribunal ruled that the penalty imposed by RBI and fees paid to ROC were not deductible under section 37(1) as they were for a contravention of law and of a capital nature, respectively. However, the disallowances were permitted under section 10AA. Regarding the interest on bank deposits, the tribunal directed further examination by the Assessing Officer to determine if set off against interest on borrowed capital was permissible, emphasizing the need for evidence on the source of bank deposits. en-us Thu, 28 Mar 2013 00:00:00 +0530 Tue, 19 Nov 2013 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239720 The tribunal ruled that the penalty imposed by RBI and fees paid to ROC were not deductible under section 37(1) as they were for a contravention of law and of a capital nature, respectively. However, the disallowances were permitted under section 10AA. Regarding the interest on bank deposits, the tribunal directed further examination by the Assessing Officer to determine if set off against interest on borrowed capital was permissible, emphasizing the need for evidence on the source of bank deposits. Case-Laws Income Tax Thu, 28 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239720