https://www.taxtmi.com/caselaws?id=405407 The Court ruled in favor of the appellant, setting aside the Tribunal's decision. It held that the payment of Rs. 65,00,000 to settle a dispute was a deductible business expenditure under Section 37 of the Income Tax Act. The Court emphasized that subsequent agreements and arbitration proceedings modifying the original Joint Development Agreement were crucial and that the expenditure was genuine and necessary for the project's continuation. The Court referenced various judgments supporting its decision and allowed the appeal, overturning the Tribunal's order. en-us Thu, 18 Feb 2021 00:00:00 +0530 Fri, 19 Mar 2021 09:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405407 The Court ruled in favor of the appellant, setting aside the Tribunal's decision. It held that the payment of Rs. 65,00,000 to settle a dispute was a deductible business expenditure under Section 37 of the Income Tax Act. The Court emphasized that subsequent agreements and arbitration proceedings modifying the original Joint Development Agreement were crucial and that the expenditure was genuine and necessary for the project's continuation. The Court referenced various judgments supporting its decision and allowed the appeal, overturning the Tribunal's order. Case-Laws Income Tax Thu, 18 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405407