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2006 (9) TMI 117 - AUTHORITY FOR ADVANCE RULINGSCapital/Revenue Expenditure - ITI one of the suppliers of plant and machinery to MTNL - Terms of the purchase order/agreement provide that if ITI Ltd. fails to deliver equipment within the stipulated time, MTNL would be entitled to liquidated damages - As per the stated facts of the case, the amount refunded by the applicant company to ITI Ltd. on account of waiver of liquidated damages is not an allowable deduction from its business income under the Income-tax Act, 1961
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