https://www.taxtmi.com/caselaws?id=401119 The court ruled in favor of the assessee, allowing the deduction for expenditure towards voluntary retirement compensation. It was held that the expenditure was incurred wholly and exclusively for the business purpose of the assessee, emphasizing commercial expediency. The court rejected the revenue's argument of tax avoidance and personal liability, affirming that the scheme was a legitimate business expense. The decision was supported by legal precedents and the approval of the Chief Commissioner, leading to the dismissal of the revenue's appeal due to lack of merit. en-us Wed, 18 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401119 The court ruled in favor of the assessee, allowing the deduction for expenditure towards voluntary retirement compensation. It was held that the expenditure was incurred wholly and exclusively for the business purpose of the assessee, emphasizing commercial expediency. The court rejected the revenue's argument of tax avoidance and personal liability, affirming that the scheme was a legitimate business expense. The decision was supported by legal precedents and the approval of the Chief Commissioner, leading to the dismissal of the revenue's appeal due to lack of merit. Case-Laws Income Tax Wed, 18 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401119