https://www.taxtmi.com/caselaws?id=14599 The Tribunal allowed deductions for damages paid in relation to a sole selling agency agreement in the computation of the assessee's income from business for the assessment years 1972-73 and 1973-74. The Tribunal held that the damages were incidental to the agency business and not speculative profits or losses, contrary to the Appellate Assistant Commissioner's view. The judgment clarified that damages for breach of contract do not constitute settlement under the Income-tax Act, supporting the assessee's position. The decision favored the assessee, emphasizing that breach of contract does not fall under the settlement provisions. en-us Mon, 11 Sep 2000 00:00:00 +0530 Fri, 17 Jul 2009 13:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14599 The Tribunal allowed deductions for damages paid in relation to a sole selling agency agreement in the computation of the assessee's income from business for the assessment years 1972-73 and 1973-74. The Tribunal held that the damages were incidental to the agency business and not speculative profits or losses, contrary to the Appellate Assistant Commissioner's view. The judgment clarified that damages for breach of contract do not constitute settlement under the Income-tax Act, supporting the assessee's position. The decision favored the assessee, emphasizing that breach of contract does not fall under the settlement provisions. Case-Laws Income Tax Mon, 11 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14599