Income Tax - Allowable business expenditure - Payment for breach of...

Income Tax

Allowable business expenditure - Payment for breach of contractual obligation - by no stretch of imagination could it be said that the payment for breach of contractual obligation pursuant to an arbitration award in the pending litigation, cannot be said to have been incurred for any purpose which is an offence or which is prohibited by law. - Claim of deduction of expenditure cannot be denied - AT

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