https://www.taxtmi.com/caselaws?id=16214 The High Court of Bombay ruled against the assessee in a case concerning the deduction of retrenchment compensation in connection with the sale of property. The Court held that the compensation was not directly linked to the property sale but rather to the business closure, therefore not qualifying for deduction under section 48(i) of the Income-tax Act, 1961. The Court favored the Revenue, concluding that the compensation was not incurred wholly and exclusively for the sale. The Tribunal's decision was deemed incorrect, and the reference was disposed of with no costs. en-us Fri, 26 Mar 1999 00:00:00 +0530 Tue, 01 Sep 2009 18:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16214 The High Court of Bombay ruled against the assessee in a case concerning the deduction of retrenchment compensation in connection with the sale of property. The Court held that the compensation was not directly linked to the property sale but rather to the business closure, therefore not qualifying for deduction under section 48(i) of the Income-tax Act, 1961. The Court favored the Revenue, concluding that the compensation was not incurred wholly and exclusively for the sale. The Tribunal's decision was deemed incorrect, and the reference was disposed of with no costs. Case-Laws Income Tax Fri, 26 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16214