https://www.taxtmi.com/caselaws?id=410073 The High Court allowed the appeal, ruling in favor of the appellant on the deductibility of the compensation amount paid under Section 48 of the Income Tax Act, 1961. The court held that the compensation was a genuine expense related to the transfer of a capital asset and should be deductible. Additionally, the court emphasized the genuineness of the transaction and the validity of the compensation expenditure, overturning the Assessing Officer's findings. The court did not provide detailed analysis on the interest levy issue under Section 234B and 234C. en-us Tue, 13 Jul 2021 00:00:00 +0530 Fri, 23 Jul 2021 08:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410073 The High Court allowed the appeal, ruling in favor of the appellant on the deductibility of the compensation amount paid under Section 48 of the Income Tax Act, 1961. The court held that the compensation was a genuine expense related to the transfer of a capital asset and should be deductible. Additionally, the court emphasized the genuineness of the transaction and the validity of the compensation expenditure, overturning the Assessing Officer's findings. The court did not provide detailed analysis on the interest levy issue under Section 234B and 234C. Case-Laws Income Tax Tue, 13 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410073