https://www.taxtmi.com/caselaws?id=351771 The High Court confirmed that the loss incurred by the assessee was not speculative but resulted from damages due to breach of contract with foreign parties. The Tribunal upheld the CIT(A)'s decision, emphasizing the genuineness of the loss and the necessity to pay damages to avoid litigation and maintain business reputation. The revenue's appeal was dismissed, and the Tribunal's order was pronounced on May 11, 2017. en-us Thu, 11 May 2017 00:00:00 +0530 Thu, 30 Nov 2017 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351771 The High Court confirmed that the loss incurred by the assessee was not speculative but resulted from damages due to breach of contract with foreign parties. The Tribunal upheld the CIT(A)'s decision, emphasizing the genuineness of the loss and the necessity to pay damages to avoid litigation and maintain business reputation. The revenue's appeal was dismissed, and the Tribunal's order was pronounced on May 11, 2017. Case-Laws Income Tax Thu, 11 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351771