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Compensation for Continuing Job Contract Work is allowable Business Expense
Case Law Details
- Case Name
- Farseen Rubber Industries Limited. Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-2014
- Courts
- All ITAT, ITAT Kolkata
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Farseen Rubber Industries Limited. Vs DCIT (ITAT Kolkata)
Income Tax Appellate Tribunal (ITAT) Kolkata, in a recent ruling, overturned the decision of the Commissioner of Income Tax (Appeals) and the Assessing Officer, allowing Farseen Rubber Industries Limited to claim a deduction of Rs. 1 crore paid as compensation to M/s. JK Tyre & Industries Limited. The dispute centered on whether this expenditure fell under the ambit of Explanation 1 to Section 37 of the Income Tax Act, which disallows expenses incurred for purposes considered an offense or prohibited by law.
Farseen Rubber Industrie...
