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Disallowance of Penalty (Income Tax)

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This query is : Resolved

( Querist )
01 June 2011

Whether payment of penalty of Rs. 15050 under the Standard Weights & Measurement Act is to be disallowed while computing income from business? If disallowed, under which section?

CA.Ankit Gulgulia (Jain)

( Expert )
01 June 2011

Yes It will be Disallowed u/s 37.

Refer Millenia Developers Case.



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