The Income Tax Appellate Tribunal (ITAT) has held that the liquidated damages paid in nature of contractual liability on account of non-compliance of business obligations to customers are allowable as an expenditure under the provisions of the Income Tax Act. The Assessing Officer disallowed the assessee’s provision for liquidated damages amounting to Rs. 29,92,672/- and […]
The post Liquidated Damages paid for Non-Compliance of Business Obligations are allowable Expenditure: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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