Supreme Court Allows Compensatory Payments for Mining as Deductible Expenses u/s 37(1) of Income Tax Act.

Supreme Court Allows Compensatory Payments for Mining as Deductible Expenses u/s 37(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=56578 Disallowance of payments as penal in nature - compensatory payment made by assessee/retained from the sale proceeds by monitoring committee on the directions of Supreme Court for mining and dumping outside lease area) - payment made as compensation is not hit by Explanation 1 to Section 37(1) and is an allowable expenditure - AT en-us Thu, 04 Feb 2021 09:27:26 +0530 Thu, 04 Feb 2021 09:27:26 +0530 TaxTMI RSS Generator Supreme Court Allows Compensatory Payments for Mining as Deductible Expenses u/s 37(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=56578 Disallowance of payments as penal in nature - compensatory payment made by assessee/retained from the sale proceeds by monitoring committee on the directions of Supreme Court for mining and dumping outside lease area) - payment made as compensation is not hit by Explanation 1 to Section 37(1) and is an allowable expenditure - AT Highlights Income Tax Thu, 04 Feb 2021 09:27:26 +0530 https://www.taxtmi.com/highlights?id=56578