Tag: Amount Deposited As Security During Customs Proceedings Is Allowed As Expenditure

Amount Deposited As Security During Customs Proceedings Is Allowed As Expenditure

In Principal CIT v. Praveen Saxena, the Delhi High Court dismissed an appeal preferred by the Revenue contending that the amount deposited by the assessee as security during the customs proceedings is not allowable under section 43B of the Income Tax Act. Coming to the facts of the case, penalty proceedings were initiated against the assessee […]