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2012 (2) TMI 404 - AT - Income TaxPenal Charges paid to Sister Concern towards cost of storage - AO: penal charges not a liability related to business of assessee - Held That:- If expenditure relates to commercial expediency its allowable. As far as penal rent is concerned it should be governed by the agreement entered between two parties. In the instant case, it was not shown by the assessee that the impugned liability was fastened upon it. Decided against assessee.
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