Sec. 263 revision to disallow penalty paid for violation of KYC norms of RBI if AO had conducted detailed enquiry

INCOME TAX : Where revision was invoked against assessee to question deduction allowed towards bad debts written off in respect of non-rural advances under section 36(1)(vii), payment made towards contribution to gratuity fund, penalty payment to RBI for violation of KYC norms and provision for wage arrears,

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