Compensation Paid for Non-Fulfilment of Contractual Obligation Deemed Non-Penal as No Infringement or Violation of Law Involved: ITAT upholds Deduction [Read Order]

Non-Fulfilment of Contractual Obligation - Compensation Paid - Non-Fulfilment - Contractual Obligation - Infringement - Violation of Law - ITAT upholds Deduction - ITAT - Deduction - taxscan

The Income Tax Appellate Tribunal (ITAT), Kolkata has upheld the deduction for expenditure incurred by the appellant, for non-fulfilment of a contractual obligation, deeming it as non-penal and not in violation of any law or regulation. The decision came in response to an appeal filed by Sugam Park against the order of the Principal Commissioner…

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