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Disallowance of Penalty

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(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?
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CA Ankit Gulgulia (Jain)

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CA Ankit Gulgulia (Jain) (Expert)
01 June 2011 Yes It will be Disallowed u/s 37.

Refer Millenia Developers Case.

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