1978 (10) TMI 28

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.....-- The question of law for our consideration is whether retrenchment compensation paid by a business firm on the closure of its business is an admissible deduction under s. 37 of the I.T. Act. The Tribunal upheld the case of the revenue and repelled the claim of the assessee. The Supreme Court in CIT v. Gemini Cashew Sales Corporation [1967] 65 ITR 643, held that retrenchment compensation paid....