https://www.taxtmi.com/highlights?id=73181 Restriction on deduction of expenditure u/s 37(1) - compensation paid for breach of contract - enalty has been paid by the assessee on account of breach of contract which cannot be equated with the offence, or something prohibited by law. - Further, the amount of damage crystallized in the year under consideration as evident from the various letters written by NHAL - Thus, it cannot be said that such damages are prior period expenses. - Claim allowed - AT en-us Thu, 23 Nov 2023 07:35:54 +0530 Thu, 23 Nov 2023 19:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73181 Restriction on deduction of expenditure u/s 37(1) - compensation paid for breach of contract - enalty has been paid by the assessee on account of breach of contract which cannot be equated with the offence, or something prohibited by law. - Further, the amount of damage crystallized in the year under consideration as evident from the various letters written by NHAL - Thus, it cannot be said that such damages are prior period expenses. - Claim allowed - AT Highlights Income Tax Thu, 23 Nov 2023 07:35:54 +0530 https://www.taxtmi.com/highlights?id=73181