https://www.taxtmi.com/caselaws?id=268985 The tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to allow the assessee's claim for liquidated damages as a deductible business expenditure under sections 36(1)(vii) and 37(1) of the Income Tax Act, 1961. The tribunal emphasized the proper accounting treatment and judicial consistency in determining the tax treatment of such claims, rejecting the Revenue's argument that the liquidated damages were merely a provision and not actual expenditure. en-us Thu, 20 Aug 2015 00:00:00 +0530 Sat, 05 Dec 2015 11:06:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268985 The tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to allow the assessee's claim for liquidated damages as a deductible business expenditure under sections 36(1)(vii) and 37(1) of the Income Tax Act, 1961. The tribunal emphasized the proper accounting treatment and judicial consistency in determining the tax treatment of such claims, rejecting the Revenue's argument that the liquidated damages were merely a provision and not actual expenditure. Case-Laws Income Tax Thu, 20 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268985