Business expenditure u/s 37(1) - Encashment of bank guarantee - ...

Court Rules Bank Guarantee Encashment for Non-Performance is a Legitimate Business Expense u/s 37(1) of Income Tax Act.

July 31, 2013

Case Laws     Income Tax     HC

Business expenditure u/s 37(1) - Encashment of bank guarantee - compensation for non performance - whether in the nature of penalty - It can be said to be compensatory in nature and not penal in nature - HC

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