https://www.taxtmi.com/caselaws?id=405089 The Tribunal determined that the 15% contribution to the Special Purpose Vehicle (SPV), retained by the monitoring committee, qualifies as a business expenditure for the relevant year. It allowed the appeal, concluding that the contribution was necessary for the assessee's business activities and not penal. The Tribunal emphasized that the payment was an application of income, essential for resuming mining operations under Supreme Court directives, distinguishing it from a penalty. This decision was aligned with precedent cases, affirming that the contribution was a requisite business expenditure rather than a punitive measure. en-us Tue, 09 Mar 2021 00:00:00 +0530 Tue, 29 Oct 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405089 The Tribunal determined that the 15% contribution to the Special Purpose Vehicle (SPV), retained by the monitoring committee, qualifies as a business expenditure for the relevant year. It allowed the appeal, concluding that the contribution was necessary for the assessee's business activities and not penal. The Tribunal emphasized that the payment was an application of income, essential for resuming mining operations under Supreme Court directives, distinguishing it from a penalty. This decision was aligned with precedent cases, affirming that the contribution was a requisite business expenditure rather than a punitive measure. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405089