https://www.taxtmi.com/caselaws?id=375845 The High Court held that the redemption fine of Rs. 75,00,000/- paid by the assessee was not allowable as a business expenditure under Section 37 of the Income Tax Act. The Court found that the penalty was a result of the assessee's unlawful business practices, aligning with legal precedents that penalties for law infractions are not deductible as business expenditure. The Tribunal's decision in favor of the assessee was overturned, ruling in favor of the Revenue. The Court also noted that the Revenue could take appropriate actions regarding the pending suit related to the source of the disputed amount. en-us Fri, 22 Feb 2019 00:00:00 +0530 Tue, 19 Mar 2019 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375845 The High Court held that the redemption fine of Rs. 75,00,000/- paid by the assessee was not allowable as a business expenditure under Section 37 of the Income Tax Act. The Court found that the penalty was a result of the assessee's unlawful business practices, aligning with legal precedents that penalties for law infractions are not deductible as business expenditure. The Tribunal's decision in favor of the assessee was overturned, ruling in favor of the Revenue. The Court also noted that the Revenue could take appropriate actions regarding the pending suit related to the source of the disputed amount. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375845