1999 (7) TMI 44

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..... of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion at the instance of the Revenue : "Whether, on the facts and in the circumstances of the case, payment of damages of Rs. 6,06,544 under section 14B of the Employees' Provident Funds and Family Pension Fund Act, 1952, was allowable deduction if the assessee had acted .....

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..... Provident Funds Act, 1952, comprises both the element of penal levy as well as compensatory payment and it will be for the authority under the Act to decide with reference to the provisions of that Act, and the reasons given in the order imposing and quantifying the damages to determine what proportion should be treated as penal and what proportion as compensatory. Since the matter has not been e .....

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