https://www.taxtmi.com/caselaws?id=296895 The ITAT dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s decisions on disallowance of expenditure under section 40A(3), addition of Speed Money under section 37(1), and deletion of payment to Dena Bank as One Time Settlement. The ITAT found that the expenses were not incurred by the assessee and were on behalf of clients, thus not falling under section 40A(3). The Speed Money was paid for clients, and as there was no claim for the expenditure, section 40A(3) did not apply. The settlement with Dena Bank was related to a project liability, justifying its deletion from income. en-us Tue, 24 Nov 2015 00:00:00 +0530 Wed, 11 Aug 2021 09:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296895 The ITAT dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s decisions on disallowance of expenditure under section 40A(3), addition of Speed Money under section 37(1), and deletion of payment to Dena Bank as One Time Settlement. The ITAT found that the expenses were not incurred by the assessee and were on behalf of clients, thus not falling under section 40A(3). The Speed Money was paid for clients, and as there was no claim for the expenditure, section 40A(3) did not apply. The settlement with Dena Bank was related to a project liability, justifying its deletion from income. Case-Laws Income Tax Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296895