https://www.taxtmi.com/caselaws?id=346386 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to allow the deduction for compensation paid by the assessee to the families of deceased freelance divers. The Tribunal found that the payment was a legitimate business expense necessary to protect business interests and maintain goodwill within the diving community. It was held that the expenditure was wholly and exclusively for business purposes, not an application of income, and therefore deductible under Section 37 of the Income Tax Act. Consequently, the Revenue's appeal was dismissed, affirming the allowance of the deduction. en-us Wed, 15 Mar 2017 00:00:00 +0530 Fri, 11 Aug 2017 07:31:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346386 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to allow the deduction for compensation paid by the assessee to the families of deceased freelance divers. The Tribunal found that the payment was a legitimate business expense necessary to protect business interests and maintain goodwill within the diving community. It was held that the expenditure was wholly and exclusively for business purposes, not an application of income, and therefore deductible under Section 37 of the Income Tax Act. Consequently, the Revenue's appeal was dismissed, affirming the allowance of the deduction. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346386