https://www.taxtmi.com/caselaws?id=26477 The court ruled in favor of disallowing penalties for late payment of provident fund, penalties for sales tax delayed returns, and penalty on estate duty, citing they are not allowable business expenses. However, the court allowed bank charges debited by the bank related to employee expenses, stating they were justified for preserving goods pledged by the assessee. The decision was based on legal precedents and specific case facts, resulting in a detailed judgment disallowing most penalties and charges except for bank-related expenses. en-us Thu, 05 Dec 1985 00:00:00 +0530 Fri, 05 Feb 2010 12:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26477 The court ruled in favor of disallowing penalties for late payment of provident fund, penalties for sales tax delayed returns, and penalty on estate duty, citing they are not allowable business expenses. However, the court allowed bank charges debited by the bank related to employee expenses, stating they were justified for preserving goods pledged by the assessee. The decision was based on legal precedents and specific case facts, resulting in a detailed judgment disallowing most penalties and charges except for bank-related expenses. Case-Laws Income Tax Thu, 05 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26477