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of <h1>Tribunal to Decide Allowability of Retrenchment Compensation as Expenditure</h1> The High Court of Madhya Pradesh directed the Tribunal to determine whether retrenchment compensation of Rs. 26,271 was allowable as an expenditure for a ... Business Expenditure, Question Of Law The High Court of Madhya Pradesh allowed an application under section 256(2) of the Income Tax Act, 1961, regarding the allowability of retrenchment compensation as an expenditure for a partnership firm for the assessment year 1972-73. The court directed the Tribunal to refer the question of law on whether the expenditure of Rs. 26,271 was allowable in computing the firm's income.
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