Bombay High Court Hears Revenue Appeal on Allowability of Redemption Fine as Business Expenditure Under Section 37 of Income Tax Act. The Appeal Raises the Question Whether Payment of Redemption Fine for Illegal Import of Goods Qualifies as Business Expenditure Under Section 37(1) of the Income Tax Act, 1961.
22 Feb 2019In this appeal before the Bombay High Court, the Revenue challenged the order of the Income Tax Appellate Tribunal which had allowed a deduction of Rs...
