https://www.taxtmi.com/caselaws?id=28524 Penalty paid for tampering with an import licence and contravening customs law was treated as an infraction of law, not a commercial loss incurred for business purposes, so it was not deductible in computing business income. The claim to set off unabsorbed depreciation and earlier years' business loss against the relevant year's income was also rejected, as the court applied its earlier ruling in the assessee's own case and found the set-off unavailable on those facts. Both questions were answered against the assessee and in favour of the Revenue. en-us Tue, 28 Jul 1981 00:00:00 +0530 Tue, 23 Feb 2010 12:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28524 Penalty paid for tampering with an import licence and contravening customs law was treated as an infraction of law, not a commercial loss incurred for business purposes, so it was not deductible in computing business income. The claim to set off unabsorbed depreciation and earlier years' business loss against the relevant year's income was also rejected, as the court applied its earlier ruling in the assessee's own case and found the set-off unavailable on those facts. Both questions were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 28 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28524