https://www.taxtmi.com/caselaws?id=403638 The ITAT allowed the appeal, finding that the disallowances made by the AO and confirmed by the CIT(A) were erroneous. The contributions to the SPV and compensatory payments were deemed necessary for business operations and allowable under Section 37(1) of the Income Tax Act. Emphasizing the compensatory nature of the payments and compliance with Supreme Court directives, the ITAT ruled in favor of the assessee. en-us Mon, 01 Feb 2021 00:00:00 +0530 Thu, 04 Feb 2021 09:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403638 The ITAT allowed the appeal, finding that the disallowances made by the AO and confirmed by the CIT(A) were erroneous. The contributions to the SPV and compensatory payments were deemed necessary for business operations and allowable under Section 37(1) of the Income Tax Act. Emphasizing the compensatory nature of the payments and compliance with Supreme Court directives, the ITAT ruled in favor of the assessee. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403638