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Allowable deduction in computation of total income.
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.... : November 9, 1976 Section(s) Referred: 37(1) Statute: Income - Tax Act, 1961 In instance has come to the notice of the Board where an assessee had paid interest to the Regional Commissioner....
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....t paid by the assessee for failure to comply with the statutory requirements, i.e., to deposit the provident fund contribution in time, partakes the nature of penalty for infraction of the law. The co....