Compensation - Indian Laws - General

Compensation The Oxford Dictionary of English language gives the following meaning to the word compensation :- (i) Something awarded to compensate for loss, suffering, or injury. (ii) Something that compensates for an undesirable state of affairs. (iii) The action or process of compensation. In the Black s Law Dictionary , the word compensation has been defined as under:- Indemnification; payment of damages; making amends; making whole; giving an equivalent or substitute of equivalent value. That which is necessary to restore an injured party to his former position. Remuneration for services rendered, whether in salary, fees, or commissions. Consideration or price of a privilege purchased. CIT VERSUS DEEPAK VERMA - 2010 (9) TMI 170 - DELHI HIGH COURT