Payment made to indemnify excise dept. for not discharging contractual obligation isn't penal in nature

INCOME TAX: SLP granted against High Court ruling that where assessee, engaged in business of manufacturing of ENA (Extra Neutral Alcohol), gave an affidavit to Excise department that excise verification issued by Excise Authority of importing State would be submitted within 90 days of exporting ENA from its distillery, since assessee failed to comply with said condition

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