MALWA VANASPATI AND CHEMICAL CO. versus COMMISSIONER OF INCOME-TAX
Business expense Sales tax raw material used for a purpose other than a specific penalty consists of both compensation and penalty components that will be paid to distribute the amount in compliance with the terms of the Compensation Factor Notice No element of failure or penalty compensation is allowed as deduction from the Indian Income Tax Act, 1961, section 37 (1) of the Madhya Pradesh General Sales Tax Act, 1958, section 8 (2), and 17 (3) [CI Reversing TV Malwa Vanaspati & Chemical Company Limited (1982) 135 ITR 221]
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