2020 (2) TMI 664 - SCH - Income Tax

Disallowance made u/s. 37(1) on account of penal excise duty debited in P L Account - whether ITAT was justified in holding that alleged excise demand notice are not penal in nature without appreciating the fact that the same are for penalty demand levied by the Excise Department raised on account of fake export permit? - HELD THAT - Delay condoned. Leave granted.