https://www.taxtmi.com/caselaws?id=277542 The appeal centered on the deductibility of compensation paid to a canteen contractor upon contract termination under section 143(3) read with section 153A for the assessment year 2001-02. The Tribunal upheld the CIT(A)'s decision to allow the deduction, emphasizing that the compensation was wholly and exclusively for business purposes, akin to a voluntary retirement scheme. The revenue's appeal was dismissed as they failed to demonstrate any stay or reversal of the CIT(A) order, highlighting the requirement for expenses to be entirely and exclusively for business purposes to qualify for deduction under section 37 of the IT Act. en-us Thu, 09 Sep 2010 00:00:00 +0530 Fri, 07 Dec 2018 18:05:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277542 The appeal centered on the deductibility of compensation paid to a canteen contractor upon contract termination under section 143(3) read with section 153A for the assessment year 2001-02. The Tribunal upheld the CIT(A)'s decision to allow the deduction, emphasizing that the compensation was wholly and exclusively for business purposes, akin to a voluntary retirement scheme. The revenue's appeal was dismissed as they failed to demonstrate any stay or reversal of the CIT(A) order, highlighting the requirement for expenses to be entirely and exclusively for business purposes to qualify for deduction under section 37 of the IT Act. Case-Laws Income Tax Thu, 09 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277542