https://www.taxtmi.com/caselaws?id=60903 The Tribunal upheld the allowance of deductions for the forfeiture of security deposit and payment of compensation, emphasizing they were business-related incidents due to contract breaches, not penalties. The deductions were considered legitimate under Section 37 of the Income-tax Act as allowable business expenditures. The Tribunal found no evidence of legal violations by the assessee and dismissed the appeal by the revenue, affirming that the actions were in the best interest of the business. en-us Tue, 21 Mar 1995 00:00:00 +0530 Sat, 08 Jan 2011 14:54:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60903 The Tribunal upheld the allowance of deductions for the forfeiture of security deposit and payment of compensation, emphasizing they were business-related incidents due to contract breaches, not penalties. The deductions were considered legitimate under Section 37 of the Income-tax Act as allowable business expenditures. The Tribunal found no evidence of legal violations by the assessee and dismissed the appeal by the revenue, affirming that the actions were in the best interest of the business. Case-Laws Income Tax Tue, 21 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60903