https://www.taxtmi.com/caselaws?id=49525 Whether a fine paid to secure release of imported goods qualifies as a deductible business expense under the Income tax Act was considered against the test that an expenditure must be laid out wholly and exclusively for the purpose of business and constitute a commercial trade loss. The analysis, surveying English and Indian authorities and the Sea Customs Act scheme permitting confiscation or a fine in lieu, concluded that statutory penalties for breach of law - including amounts paid in rem to release goods - are not commercial losses deductible under the statutory provision; the payment was therefore not allowable. en-us Thu, 24 Nov 1960 00:00:00 +0530 Mon, 03 Nov 2025 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49525 Whether a fine paid to secure release of imported goods qualifies as a deductible business expense under the Income tax Act was considered against the test that an expenditure must be laid out wholly and exclusively for the purpose of business and constitute a commercial trade loss. The analysis, surveying English and Indian authorities and the Sea Customs Act scheme permitting confiscation or a fine in lieu, concluded that statutory penalties for breach of law - including amounts paid in rem to release goods - are not commercial losses deductible under the statutory provision; the payment was therefore not allowable. Case-Laws Income Tax Thu, 24 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49525