Payments to Canara Bank Ordered by DRT Allowable as Business Expenses Under Income Tax Act Section 37(1.

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....Allowance u/s 37(1) - Expenditure pertaining to the payment made to Canara Bank on the direction of DRT, the hypothecation defalcation - any damages allowed in this behalf even referred to as penal by DRT, do not constitute payment for infraction of law - AT....