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1994 (4) TMI 2 - SC - Income TaxStatutory impost paid by an assessee by way of damages or penalty or interest is claimed as an allowable expenditure - Wherever such impost is found to be of a composite nature, that is, partly of compensatory nature and partly of penal nature, the authorities are obligated to bifurcate the two components of the impost and give deduction to that component which is compensatory in nature and refuse to give deduction to that component which is penal in nature
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