1997 (3) TMI 82

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..... questions have been referred for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that expenditure of Rs. 14,575 was not of the nature of entertainment expenditure ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in deleting Rs. 10,957 out of fines and penalties ? " The answe .....

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..... 961] 41 ITR 350, the Supreme Court has held that no expense which was paid by way of penalty for a breach of the law, even though it might involve no personal liability, could be said to be an amount wholly or exclusively laid out for the purpose of the business of the assessee within the meaning of section 10(2)(xv) of the Indian Income-tax Act, 1922, and the fine paid by the assessee was not an .....

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