https://www.taxtmi.com/caselaws?id=219743 The Tribunal upheld the Assessing Officer's decision to disallow the expenditure of Rs. 2,20,00,000/- paid by the assessee, determining it was neither a deductible revenue expenditure under Section 37 of the I.T. Act nor a capital expenditure eligible for depreciation. The Tribunal found that the payment was not solely for business purposes but rather related to the termination of the agreement due to Colour Chem Ltd.'s amalgamation, leading to the dismissal of the appeal. en-us Fri, 01 Jun 2012 00:00:00 +0530 Tue, 25 Dec 2012 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219743 The Tribunal upheld the Assessing Officer's decision to disallow the expenditure of Rs. 2,20,00,000/- paid by the assessee, determining it was neither a deductible revenue expenditure under Section 37 of the I.T. Act nor a capital expenditure eligible for depreciation. The Tribunal found that the payment was not solely for business purposes but rather related to the termination of the agreement due to Colour Chem Ltd.'s amalgamation, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 01 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219743