https://www.taxtmi.com/caselaws?id=252818 The Tribunal dismissed both the assessee's and the Revenue's appeals. The legal fees incurred for defending criminal proceedings were not allowable as business expenses. The payment of Rs. 70 lacs was considered an advance towards custom duty, not a penalty, and was allowable under section 43B of the Income Tax Act. The Tribunal upheld the CIT(A)'s findings and dismissed the appeals. en-us Fri, 31 Oct 2014 00:00:00 +0530 Wed, 05 Nov 2014 06:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252818 The Tribunal dismissed both the assessee's and the Revenue's appeals. The legal fees incurred for defending criminal proceedings were not allowable as business expenses. The payment of Rs. 70 lacs was considered an advance towards custom duty, not a penalty, and was allowable under section 43B of the Income Tax Act. The Tribunal upheld the CIT(A)'s findings and dismissed the appeals. Case-Laws Income Tax Fri, 31 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252818