https://www.taxtmi.com/caselaws?id=379133 The Tribunal allowed the appellant's deduction under section 35ABB for liquidated damages and interest paid to the Department of Telecommunications, stating the payments were for breach of contract and admissible as business expenses. Additionally, the Tribunal upheld the deduction for membership fees paid to clubs, deeming them wholly and exclusively for business purposes. However, discrepancies in the claimed business loss led to the issue being remanded for proper verification by the Assessing Officer. The appeal of the Revenue was partly allowed for statistical purposes, with a review of the business loss claimed by the appellant directed. en-us Wed, 24 Apr 2019 00:00:00 +0530 Tue, 09 Aug 2022 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379133 The Tribunal allowed the appellant's deduction under section 35ABB for liquidated damages and interest paid to the Department of Telecommunications, stating the payments were for breach of contract and admissible as business expenses. Additionally, the Tribunal upheld the deduction for membership fees paid to clubs, deeming them wholly and exclusively for business purposes. However, discrepancies in the claimed business loss led to the issue being remanded for proper verification by the Assessing Officer. The appeal of the Revenue was partly allowed for statistical purposes, with a review of the business loss claimed by the appellant directed. Case-Laws Income Tax Wed, 24 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379133