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2021 (3) TMI 212 - AT - Income TaxAllowable revenue expenditure - penalty/fine paid to BMC - whether expenses not allowable in the scheme of section 37(1) - whether the assessee in return of income for the year in which income from project has been declared has reduced the amount of ₹ 19.51 lacs paid as penalty/fine to BMC? - HELD THAT:- Assessing Officer in his remand report has mentioned that the assessee in its revised computation for assessment year 2017-18 has reduced penalty/fine. CIT(A) has not granted relief to the assessee merely for the reason that in the Tax Audit Report for assessment year 2017-18, the Auditor has not reported any amount of ₹ 19,51,365/- paid by way of penalties/fines. Thus, in view of the admitted fact that the assessee has reduced the amount of penalty/regularisation charges in the computation of income while filing of return of income in the year it has offered the profits from the project, no disallowance in respect of aforesaid penalty/regularisation charges is warranted in the impugned assessment year - Decided in favour of assessee.
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