https://www.taxtmi.com/caselaws?id=171028 The Tribunal ruled in favor of the assessee, deleting the disallowance of BMC charges under section 37(1) of the Income Tax Act. It determined that the payment made was not a penalty for a statutory violation but was to bridge the gap between the revoked and restored occupancy certificate. The Tribunal emphasized that the expenses were for business purposes and not a penalty for an offense prohibited by law, citing legal precedents to support its decision. en-us Mon, 15 Dec 2014 00:00:00 +0530 Fri, 13 Feb 2015 12:34:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171028 The Tribunal ruled in favor of the assessee, deleting the disallowance of BMC charges under section 37(1) of the Income Tax Act. It determined that the payment made was not a penalty for a statutory violation but was to bridge the gap between the revoked and restored occupancy certificate. The Tribunal emphasized that the expenses were for business purposes and not a penalty for an offense prohibited by law, citing legal precedents to support its decision. Case-Laws Income Tax Mon, 15 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171028