Compensation paid for damage to environment is allowable

A LIGHT AT THE END OF THE TUNNEL VIS-À-VIS EXPLANATION-1 TO SECTION 37

In view of the Explanation-1 inserted by the Finance (No.2) Act, 1998 to the section 37(1) of the Income Tax Act, 1961(herein referred to as ‘the Act’), with retrospective effect from 1-4-1962, any expenditure incurred by an assessee for any

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