2007 (4) TMI 200 - SUPREME COURT - Income Tax

Head Note / Extract:
Revenue argues that payment made by the assessee towards the shortfall within the maturity period is not allowable as deduction under section 37 - revenue pointed out that the amount payable by the assessee was treated as additional levy by this court and therefore, the said amount partakes of the character of penalty; and therefore in the light of the Explanation given to section 37, the said amount is not deductible - revenue's submission is not acceptable - appeal is dismissed