https://www.taxtmi.com/caselaws?id=17562 The court held that the penalty imposed for contravention of the Customs Act was not deductible as a business expense, even though the imports were not deemed contraband. The interest paid on borrowed money for the penalty was also not deductible. The court ruled in favor of the Revenue, affirming the Tribunal's decision to disallow the deductions. The case outcome favored the tax authorities, denying the deductions for the penalty and interest paid. en-us Mon, 22 Apr 1996 00:00:00 +0530 Wed, 23 Sep 2009 13:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17562 The court held that the penalty imposed for contravention of the Customs Act was not deductible as a business expense, even though the imports were not deemed contraband. The interest paid on borrowed money for the penalty was also not deductible. The court ruled in favor of the Revenue, affirming the Tribunal's decision to disallow the deductions. The case outcome favored the tax authorities, denying the deductions for the penalty and interest paid. Case-Laws Income Tax Mon, 22 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17562