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2013 (7) TMI 853 - HC - Income TaxDeduction u/s 37(1) - Nature of payment - Whether shaman shulk paid to Excise Department is penal in nature - Held that:- By way of settlement or compromise entered into with the department to be relevant provisions of law to avoid assessment for payment of the duty. The amount cannot be treated to be penalty, which can be disallowed - no adjustment should be made on book profit as computed by assessee except those provided under that section. No exception can be taken to this position of law, which has been upheld by this Court in several cases - Decided against Revenue.
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