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2008 (1) TMI 62 - HC - Income TaxAssessee had entered into an agreement with a German firm – payments made to german firm by assessee for failure to complete contract - the amount of Rs. 50,000/- paid by the assessee was on account of damages for breach of contract on its part and not a liability incurred for contravention of any law - amount claimed as deduction would thus be an expense incurred for the purposes of the business and could not have been disallowed.
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