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1997 (4) TMI 68 - HC - Income TaxExtract: ....... has to be held that damages paid under section 14B of the Employees Provident Funds and Miscellaneous Provisions Act, 1952, are penal in nature and the same cannot be allowed as deduction under section 37 of the Income-tax Act, 1961. Accordingly, the question is answered in the negative, in favour of the Revenue and against the assessee. No costs.
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