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2008 (8) TMI 13 - HC - Income TaxSettlement expenses towards settlement of a foreseeable liability in respect of premature termination of an agreement for use of premises – impugned expenses paid for an early exit from PBC’s premises meets the test of commercial expediency – there is no substance in revenue contention that there was no obligation under the contract on the assessee to pay these expenses, so they can’t be treated as incurred for business purpose – expenses allowable u/s 37(1) – revenue appeal dismissed
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