https://www.taxtmi.com/caselaws?id=259037 The Tribunal allowed the appeal of the assessee, setting aside the lower authorities' orders regarding the disallowance of Rs. 2.20 crores related to the termination of the Toll Manufacturing Agreement. The Tribunal held that the payment was an allowable business expenditure, emphasizing that it was incurred for business and commercial expediency. The orders disallowing the amount were overturned, and the appeal on this issue was successful. The Tribunal did not provide a detailed analysis or conclusion on the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. en-us Wed, 14 Jan 2015 00:00:00 +0530 Tue, 28 Apr 2015 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259037 The Tribunal allowed the appeal of the assessee, setting aside the lower authorities' orders regarding the disallowance of Rs. 2.20 crores related to the termination of the Toll Manufacturing Agreement. The Tribunal held that the payment was an allowable business expenditure, emphasizing that it was incurred for business and commercial expediency. The orders disallowing the amount were overturned, and the appeal on this issue was successful. The Tribunal did not provide a detailed analysis or conclusion on the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. Case-Laws Income Tax Wed, 14 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259037