Compounding Fee Paid to RBI for FIPB and FEMA Approval Allowed as Deductible u/s 37(1) of Income Tax Act.

Payment of compounding fee to RBI for default in obtaining approval form RBI for the purpose of FIPB and FEMA - Claim of expenditure not hit by the explanation to section u/s 37(1) - expenditure allowed. .....

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