https://www.taxtmi.com/caselaws?id=332497 The Tribunal affirmed the addition of investments in Fixed Deposit Receipts (FDRs) and accrued interest, emphasizing the appellant's active role in the family and lack of verification of FDR details. The penalty levied by M/s. Hindustan Petroleum Corporation Limited was deleted as a business expenditure under section 37, following a precedent allowing fines or penalties as business expenses. The appeal for the assessment year 2003-04 was partly allowed, while appeals for other years were dismissed, highlighting the importance of proper documentation for investments and distinguishing routine business expenses from penalties for statutory violations. en-us Mon, 01 Aug 2016 00:00:00 +0530 Mon, 12 Sep 2016 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332497 The Tribunal affirmed the addition of investments in Fixed Deposit Receipts (FDRs) and accrued interest, emphasizing the appellant's active role in the family and lack of verification of FDR details. The penalty levied by M/s. Hindustan Petroleum Corporation Limited was deleted as a business expenditure under section 37, following a precedent allowing fines or penalties as business expenses. The appeal for the assessment year 2003-04 was partly allowed, while appeals for other years were dismissed, highlighting the importance of proper documentation for investments and distinguishing routine business expenses from penalties for statutory violations. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332497