https://www.taxtmi.com/caselaws?id=348281 The High Court upheld the Tribunal's decision to allow the liquidated damages claimed by the assessee, engaged in manufacturing and trading, as a legitimate business expense. The Court ruled in favor of the assessee, dismissing the Tax Appeals filed by the Revenue. It emphasized that the damages for breach of contract were part of normal business activities and allowable deductions under section 37(1) of the Income Tax Act, 1961. en-us Tue, 12 Sep 2017 00:00:00 +0530 Mon, 18 Sep 2017 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348281 The High Court upheld the Tribunal's decision to allow the liquidated damages claimed by the assessee, engaged in manufacturing and trading, as a legitimate business expense. The Court ruled in favor of the assessee, dismissing the Tax Appeals filed by the Revenue. It emphasized that the damages for breach of contract were part of normal business activities and allowable deductions under section 37(1) of the Income Tax Act, 1961. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348281