Compensation paid for termination of lease arrangement which was for expansion of business is allowable

HIGH COURT OF GUJARAT Commissioner of Income-tax -I versus UTI Bank Ltd. TAX APPEAL NO. 119 OF 2013 MARCH 22, 2013 ORDER Akil Kureshi, J. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 31.07.2012 raising following substantial question of law for our consideration: “1. Whether the Appellate Tribunal has substantially erred in confirming the order of the CIT(A) on dis allowance of interest expenditure u/s. 14A (Rs. 25.53 crores-Rs. 5.53 crores) in view of the decision of the Mumbai High Court in Godrej & Boyce Mft. Co. Ltd. [323 ...