https://www.taxtmi.com/caselaws?id=178597 The High Court upheld the Tribunal's decision in favor of the assessee, a manufacturer of cycle parts, regarding the deduction of penalty paid to the Electricity Board for violating power regulations for the assessment year 1999-2000. The Court emphasized the importance of considering each case individually and applying the test of commercial expediency to determine the deductibility of such payments, aligning with established legal precedents and dismissing the Revenue's appeal as no substantial question of law was found to arise. en-us Tue, 09 Dec 2008 00:00:00 +0530 Tue, 09 Feb 2016 12:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178597 The High Court upheld the Tribunal's decision in favor of the assessee, a manufacturer of cycle parts, regarding the deduction of penalty paid to the Electricity Board for violating power regulations for the assessment year 1999-2000. The Court emphasized the importance of considering each case individually and applying the test of commercial expediency to determine the deductibility of such payments, aligning with established legal precedents and dismissing the Revenue's appeal as no substantial question of law was found to arise. Case-Laws Income Tax Tue, 09 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178597