AdvertisementSushil Gupta Vs PCIT (Supreme Court of India) The appeal before the High Court was admitted to consider whether the Income Tax Appellate Tribunal was justified in holding that redemption fine of ₹75 lakh was allowable as business expenditure under Section 37 of the Income-tax Act. The dispute arose from the assessment year 1988-89. The assessee had originally filed a return declaring income of ₹1,47,020, which was accepted without scrutiny. The assessment was later reopened under Section 148 after the Assessing Officer received information that the assessee had paid ₹75 lakh towards rede...