Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 113 - AT - Income TaxNon-granting of deduction u/s.37 - contribution to SPV being 15% of sale proceeds - sale proceeds retained by the monetary committee on the direction of Hon’ble Supreme Court by holding that same is in penal nature - Whether it is compensatory in nature incurred wholly and exclusively for the purpose of business and hence allowable u/s.37? - HELD THAT:- As relying on ASHWATHNARAYANA SINGH AND CO. [2021 (2) TMI 130 - ITAT BANGALORE] we direct the Assessing Officer, the contribution to SPV being 15% of sale proceeds under the Category ‘B’ is to be allowed as expenditure in the Assessment Years under consideration. Asseessee’s appeals are allowed.
|