Payment for Breaching Contract Deemed Compensatory, Eligible for Deduction u/s 37(1) of Income Tax Act.

Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X