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2015 (12) TMI 624 - HC - Income TaxChargeable income u/s 29 - whether once the claim of the appellant as 'business' of accommodation entries is accepted, then the 'charge' has to be computed in accordance with the 'integrated scheme of taxation' of Income Tax Act, 1961? - Held that:- As decided in Commissioner of Income-tax Versus Kap Scan and Diagnostic Centre P. Ltd. [2012 (6) TMI 620 - Punjab and Haryana High Court] assessee would not be entitled to deduction of payments made in contravention of law. Similarly, payments which are opposed to public policy being in the nature of unlawful consideration cannot equally be recognized. Disallowance of the claims made by certain assessees in respect of payments on account of protection money, extortion, hafta, bribes, etc., as business expenditure. It is well decided that unlawful expenditure is not an allowable deduction in computation of income. Further, the addition had been made to the total income under Sections 68 and 69 of the Act as the cash was found credited in the books of account of the assessee and had been invested in the bank account of the assessee. In such circumstances, no fault can be found with the orders of the Assessing Officer, the CIT(A) and the Tribunal which may warrant interference by this Court. - Decided against assessee.
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