https://www.taxtmi.com/caselaws?id=188788 A penalty paid for breach of lease conditions governing business operations was not expenditure laid out wholly and exclusively for the purposes of business, and so was not allowable as revenue deduction. The court also found material supporting the conclusion that the assessee had attempted to extract more rosin than permitted by making channels deeper and broader and tapping even small saplings, which justified the finding of deliberate breach. The amount paid under the penalty clause was therefore not deductible under the Indian Income-tax Act, 1922. en-us Thu, 28 May 1953 00:00:00 +0530 Fri, 16 Dec 2016 14:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188788 A penalty paid for breach of lease conditions governing business operations was not expenditure laid out wholly and exclusively for the purposes of business, and so was not allowable as revenue deduction. The court also found material supporting the conclusion that the assessee had attempted to extract more rosin than permitted by making channels deeper and broader and tapping even small saplings, which justified the finding of deliberate breach. The amount paid under the penalty clause was therefore not deductible under the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 28 May 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188788