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2006 (10) TMI 140 - HC - Income TaxAssessee claimed deduction of Rs. 31,433 paid as fine for belated payment of excise duty instalment – though termed as fine, the payment was not in the nature of punishment - the payment was in effect intended to compensate the loss on account of delay in making the payment and was not by way of penalty for breach of law - where the amount paid is in the nature of compensation, the same will be allowable
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