https://www.taxtmi.com/caselaws?id=395445 The Tribunal remanded all three issues back to the AO for detailed verification and fresh consideration. The disallowance of Contract Benevolent Fund expenses was subject to verification if the contribution was made in accordance with government notification. The Reserve for NOC deduction required clarification on refundability and statutory mandate. The disallowance of penalties for non-performance of contracts needed verification if the penalties were compensatory. The Tribunal directed the assessee to establish the nature of the penalties, aligning with legal provisions and practices. en-us Wed, 11 Mar 2020 00:00:00 +0530 Thu, 21 May 2020 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395445 The Tribunal remanded all three issues back to the AO for detailed verification and fresh consideration. The disallowance of Contract Benevolent Fund expenses was subject to verification if the contribution was made in accordance with government notification. The Reserve for NOC deduction required clarification on refundability and statutory mandate. The disallowance of penalties for non-performance of contracts needed verification if the penalties were compensatory. The Tribunal directed the assessee to establish the nature of the penalties, aligning with legal provisions and practices. Case-Laws Income Tax Wed, 11 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395445