Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Restriction on deduction of expenditure u/s 37(1) - compensation paid for breach of contract - enalty has been paid by the assessee on account of breach of contract which cannot be equated with the offence, or something prohibited by law. - Further, the amount of damage crystallized in the year under consideration as evident from the various letters written by NHAL - Thus, it cannot be said that such damages are prior period expenses. - Claim allowed - AT
Restriction on deduction of expenditure u/s 37(1) - compensation paid for breach of contract - enalty has been paid by the assessee on account of breach of contract which cannot be equated with the offence, or something prohibited by law. - Further, the amount of damage crystallized in the year under consideration as evident from the various letters written by NHAL - Thus, it cannot be said that such damages are prior period expenses. - Claim allowed - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
