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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