https://www.taxtmi.com/caselaws?id=185610 Contractual demurrage and penalty charges paid for delay in performance of business contracts were treated as deductible business expenditure because they arose under a contractual compensation clause and were not penalties for breach of law. Higher depreciation on tippers and dumpers was also upheld because the vehicles were used for transportation of goods on hire, consistent with the applicable CBDT circular and the jurisdictional High Court view. On both issues, the disallowance was rejected and the assessee's claims were allowed, resulting in deletion of the additions. en-us Fri, 27 Jun 2014 00:00:00 +0530 Mon, 22 Aug 2016 10:32:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185610 Contractual demurrage and penalty charges paid for delay in performance of business contracts were treated as deductible business expenditure because they arose under a contractual compensation clause and were not penalties for breach of law. Higher depreciation on tippers and dumpers was also upheld because the vehicles were used for transportation of goods on hire, consistent with the applicable CBDT circular and the jurisdictional High Court view. On both issues, the disallowance was rejected and the assessee's claims were allowed, resulting in deletion of the additions. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185610