Allowable revenue expenditure - Uphaar Cinema fire case - ...

Income Tax

November 25, 2023

Allowable revenue expenditure - Uphaar Cinema fire case - compensation liability - nature lo liability - There is no doubt that the compensation so granted by way of restitution was out of civil consequences only and had nothing to do with any criminal liability, which any of these parties may have incurred. - Tax Authorities and especially learned CIT(A) had fallen in error to failing to distinguish the two components of the damages. First being by way of restitution and second being negative restitution. The former is allowable as business expenditure allowable u/s 37(1) - AT

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Allowable revenue expenditure - Uphaar Cinema fire case - ...

Income Tax

November 25, 2023

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