Fine paid to custom authorities is penalty under sec 167 (8C) of Custom Act. and it cannot be treated as loss incurred from business

Last updated: 20 January 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts & in the circumstances of the case & in law, the Learned Commissioner of Income-tax (Appeals) erred in confirming the disallowance of Rs. 12,46,272/- made by the Learned Assessing Officer on interest free advances made to sister concerns

Citation :
M/s Taurian Iron & Steel Co. Pvt. Ltd.,302-A, Poonam Chambers,Dr. Annie Besant Road, Worli,Mumbai – 400 018.PAN AAACT 4814 A Appellant Vs.Addl. Commissioner of Income Tax,Range 4(3), Mumbai.Respondent ITA No. 1613/Mum/2010 Assessment year 2006-07 Asst.Commissioner of Income Tax,Range 4(3), Mumbai.Appellant Vs.M/s Taurian Iron & Steel Co. Pvt. Ltd.,302-A, Poonam Chambers,Dr. Annie Besant Road, Worli,Mumbai – 400 018.PAN AAACT 4814 A Respondent