https://www.taxtmi.com/caselaws?id=404785 The Tribunal allowed the appeals, directing the Assessing Officer to treat the Special Purpose Vehicle (SPV) contributions as allowable business expenditures under Section 37(1) of the Income Tax Act, 1961. The SPV charges, retained by the Monitoring Committee as per Supreme Court directions, were deemed compensatory and necessary for resuming mining operations, not penal in nature. The contributions were held to be essential for business activities, including socio-economic and infrastructure development, and were to be allowed as deductions for the assessment years in question. en-us Fri, 26 Feb 2021 00:00:00 +0530 Thu, 04 Mar 2021 08:26:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404785 The Tribunal allowed the appeals, directing the Assessing Officer to treat the Special Purpose Vehicle (SPV) contributions as allowable business expenditures under Section 37(1) of the Income Tax Act, 1961. The SPV charges, retained by the Monitoring Committee as per Supreme Court directions, were deemed compensatory and necessary for resuming mining operations, not penal in nature. The contributions were held to be essential for business activities, including socio-economic and infrastructure development, and were to be allowed as deductions for the assessment years in question. Case-Laws Income Tax Fri, 26 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404785