https://www.taxtmi.com/caselaws?id=58581 Levies arising from delayed payment of statutory dues were treated as deductible where their character was compensatory rather than punitive: interest on delayed provident fund and insurance contributions was allowed, as was the levy under section 36(3) of the Bombay Sales Tax Act when the default was not attributable to the assessee's own fault. Damages under section 14B of the Employees' Provident Fund law were also regarded as deductible on the facts, because they arose from delay and were reduced with instalment relief. By contrast, penalty under section 36(2)(c) of the Bombay Sales Tax Act, imposed for concealment or inaccurate particulars, retained the character of a true penalty and was disallowed. en-us Thu, 31 Jan 1985 00:00:00 +0530 Mon, 20 Dec 2010 17:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58581 Levies arising from delayed payment of statutory dues were treated as deductible where their character was compensatory rather than punitive: interest on delayed provident fund and insurance contributions was allowed, as was the levy under section 36(3) of the Bombay Sales Tax Act when the default was not attributable to the assessee's own fault. Damages under section 14B of the Employees' Provident Fund law were also regarded as deductible on the facts, because they arose from delay and were reduced with instalment relief. By contrast, penalty under section 36(2)(c) of the Bombay Sales Tax Act, imposed for concealment or inaccurate particulars, retained the character of a true penalty and was disallowed. Case-Laws Income Tax Thu, 31 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58581