https://www.taxtmi.com/caselaws?id=326590 Business-related fines that are compensatory in character and arise from trading defaults may be deductible under section 37(1) when incurred wholly and exclusively in the course of business, and the note states that such disallowance was deleted. Disallowance under section 14A should be confined to a principled computation linked to exempt income; for one year it was reduced, and for another year the matter was remitted for fresh verification because the working could not exceed the exempt income. Software-related expenditure was treated on a split basis: items with validity of less than one year were regarded as revenue expenditure, while other items were treated as capital in nature with depreciation. en-us Fri, 26 Feb 2016 00:00:00 +0530 Tue, 19 Apr 2016 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326590 Business-related fines that are compensatory in character and arise from trading defaults may be deductible under section 37(1) when incurred wholly and exclusively in the course of business, and the note states that such disallowance was deleted. Disallowance under section 14A should be confined to a principled computation linked to exempt income; for one year it was reduced, and for another year the matter was remitted for fresh verification because the working could not exceed the exempt income. Software-related expenditure was treated on a split basis: items with validity of less than one year were regarded as revenue expenditure, while other items were treated as capital in nature with depreciation. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326590