Tag: non compensatory penalty

Penalty imposed by Supreme Court for illegal mining held compensatory in nature and allowed as business expenditure u/s 37(1) of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2600 (2018) (10) ITAT Important Case Laws Cited/relied upon: Essel Mining & Industries Ltd vs. Addl. CIT ACIT vs. …

Penalty for late filing VAT return-balance sheet held non compensatory and disallowed as per Explanation -1 to section 37 as penalty for infraction of law ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT Important Case Laws Cited/relied upon by the parties: Swadeshi Cotton Mills Ltd. vs. CIT, …