https://www.taxtmi.com/caselaws?id=58394 Penalty paid to a municipal corporation was treated as allowable in computing business income, the appellate view having followed an earlier Tribunal decision on the same point. Retrenchment compensation and gratuity paid on closure of one department were also allowed because the closure occurred during the relevant year, the business remained ongoing, and the departments formed part of an integrated business. Expenditure incurred to keep the trade going and make it pay was regarded as deductible business expenditure under section 37 of the Income-tax Act, 1961. Both deductions were therefore accepted in computing business income. en-us Fri, 18 May 1984 00:00:00 +0530 Sat, 18 Dec 2010 17:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58394 Penalty paid to a municipal corporation was treated as allowable in computing business income, the appellate view having followed an earlier Tribunal decision on the same point. Retrenchment compensation and gratuity paid on closure of one department were also allowed because the closure occurred during the relevant year, the business remained ongoing, and the departments formed part of an integrated business. Expenditure incurred to keep the trade going and make it pay was regarded as deductible business expenditure under section 37 of the Income-tax Act, 1961. Both deductions were therefore accepted in computing business income. Case-Laws Income Tax Fri, 18 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58394