TMI Blog1989 (9) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... t penalty had been imposed upon the assessee in the sum of Rs. 35,000 by the customs authorities on the ground that he had under-invoiced certain imports and thereby imported more goods than were authorised by the import licence. The assessee went in appeal and the penalty amount was reduced to Rs. 15,000. The assessee claimed before the Income-tax Officer an allowance in the said sum of Rs. 35,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty for infringement of import regulations was allowable as an admissible expenditure under section 37(1) of the Income-tax Act, 1961 " The facts before us are inadequate to give a satisfactory answer to the question. As the orders imposing the penalty of Rs. 35,000 and in appeal reduction of same to Rs 15,000 are not annexed, we cannot determine whether the penalty was imposed because the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
