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2018 (5) TMI 353 - HC - Income TaxDisallowance made u/s. 37(1) on account of penal excise duty debited in P & L Account - whether ITAT was justified in holding that alleged excise demand notice are not penal in nature without appreciating the fact that the same are for penalty demand levied by the Excise Department raised on account of fake export permit? - Held that:- Apart from penal expenses which has been done for the business activity, while considering the matter, CIT (A) has gone into the observations made by the competent authority and has come to the conclusion that it was not penal in nature. In that view of the matter explanation of Section 37 will not come into play. In that view of the matter that was business expenses and has been rightly upheld by both the authorities.
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