Taxpayer Fine Allowable, Penalty Not Admissible u/s 37(1) of Income Tax Act; Penalty Addition Upheld.

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....Allowability of fine and penalty as per section 37 - the ‘FINE’ paid by the Assessee is allowed as expenditure u/s 37(1) the amount paid as ‘penalty’is an inadmissible expenditure and not allowable under the provisions of section 37(1) of the Act. Consequently the addition made and affirmed on account of ‘Penalty’is sustained - AT....