https://www.taxtmi.com/caselaws?id=220606 The Tribunal allowed the appeal, determining that the liquidated damages were compensatory and incurred for business purposes. The disallowance made by the Assessing Officer was overturned, directing verification of the claim amount for deduction. The Tribunal found the damages were allowable under Section 37(1) of the Income Tax Act as they were incurred in the course of the assessee's business activities related to the supply of goods. The appeal was allowed with instructions for the Assessing Officer to adjust the deduction accordingly. en-us Fri, 11 Jan 2013 00:00:00 +0530 Wed, 30 Oct 2013 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220606 The Tribunal allowed the appeal, determining that the liquidated damages were compensatory and incurred for business purposes. The disallowance made by the Assessing Officer was overturned, directing verification of the claim amount for deduction. The Tribunal found the damages were allowable under Section 37(1) of the Income Tax Act as they were incurred in the course of the assessee's business activities related to the supply of goods. The appeal was allowed with instructions for the Assessing Officer to adjust the deduction accordingly. Case-Laws Income Tax Fri, 11 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220606