https://www.taxtmi.com/caselaws?id=15481 The court ruled in favor of the assessee regarding the applicability of sections 40A(5)(b), 40(c), and 10(6)(viia) of the Income-tax Act, holding that the exempted amount should not be considered for fixing the ceiling under section 40(c) read with section 40A(5). However, the court sided with the Revenue on the liability for liquidated damages, stating that the liability was not properly established and could not be claimed as a deduction. Additionally, the court ruled in favor of the Revenue on the deduction of surtax paid under the Companies (Profits) Surtax Act, 1964, stating it is not required to be deducted from the total income. en-us Wed, 16 Dec 1998 00:00:00 +0530 Thu, 06 Aug 2009 18:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15481 The court ruled in favor of the assessee regarding the applicability of sections 40A(5)(b), 40(c), and 10(6)(viia) of the Income-tax Act, holding that the exempted amount should not be considered for fixing the ceiling under section 40(c) read with section 40A(5). However, the court sided with the Revenue on the liability for liquidated damages, stating that the liability was not properly established and could not be claimed as a deduction. Additionally, the court ruled in favor of the Revenue on the deduction of surtax paid under the Companies (Profits) Surtax Act, 1964, stating it is not required to be deducted from the total income. Case-Laws Income Tax Wed, 16 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15481