https://www.taxtmi.com/caselaws?id=31108 The High Court of Punjab and Haryana upheld the Income Tax Appellate Tribunal's decision to allow the deduction of Rs. 207428 for the assessment year 1977-78 for a corporation that had to refund the amount due to a policy change by IFCI. The Court found the refund was based on commercial expediency and upheld the deduction, citing legal precedents supporting the deductibility of expenses for promoting business. The Court ruled in favor of the corporation-assessee, disposing of the reference against the revenue. en-us Wed, 09 May 2007 00:00:00 +0530 Sat, 17 Sep 2011 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31108 The High Court of Punjab and Haryana upheld the Income Tax Appellate Tribunal's decision to allow the deduction of Rs. 207428 for the assessment year 1977-78 for a corporation that had to refund the amount due to a policy change by IFCI. The Court found the refund was based on commercial expediency and upheld the deduction, citing legal precedents supporting the deductibility of expenses for promoting business. The Court ruled in favor of the corporation-assessee, disposing of the reference against the revenue. Case-Laws Income Tax Wed, 09 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31108