Punitive damage being negative restitution not allowable as business expense

Ansal Theatres & Clubotels (P) Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi held that punitive damage being allowed as negative restitution cannot be allowed as business expenditure under section 37(1) of the Income Tax Act Facts- Assessee filed its Return of Income on 29/09/2014 declaring loss of Rs. 10,47,12,787/- for the year under consideration. The case was selected for scrutiny. Subsequently assessment u/s 143(3) of the Act, 1961 was completed vide order dated 27.12.2016 at NIL income after adjusting losses amounting to Rs 15,35,763/-. In the assessment order AO disallowed Rs 10,45,73,650/-...