https://www.taxtmi.com/caselaws?id=441304 The Tribunal upheld the CIT(A)'s decision to allow the disallowance of the 'surrender right fee' claimed by the assessee as a business expenditure. The compensation paid for breach of contractual obligations was considered wholly and exclusively for business purposes, in line with Section 37 of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, affirming that the payment was justified and allowable, referencing relevant case law supporting deductions for breach of contract compensation. en-us Mon, 31 Jul 2023 00:00:00 +0530 Sat, 05 Aug 2023 08:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441304 The Tribunal upheld the CIT(A)'s decision to allow the disallowance of the 'surrender right fee' claimed by the assessee as a business expenditure. The compensation paid for breach of contractual obligations was considered wholly and exclusively for business purposes, in line with Section 37 of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, affirming that the payment was justified and allowable, referencing relevant case law supporting deductions for breach of contract compensation. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441304