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2010 (10) TMI 691 - AT - Income TaxClaim of expenditure on account of Rebate of allotment of houses - the assessee had incurred the expenditure of allowing rebate to the Government institutions, who in turn had invested in various properties of the assessee Board, the said expenditure is allowable in the hands of the assessee. The rebate was allowed as one time settlement during the year under consideration pursuant to the meeting of the Board of Directors of the assessee on 18-4-2002 in which it was decided to allow the said rebate - The rebate was allowed as one time settlement and not because of any waiver of interest. The decision to allow rebate by the Board of Directors of the assessee was a commercial decision taken in the circumstances of the case, where rebate was allowed to certain institutional bodies i.e., Insurance Companies, HSIDC, HFC, etc. against advances received during the years 1991 to 2002, wherein increase in the cost, due to delay in construction of houses, was charged to them - appeal of the revenue is dismissed.
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