Deduction of Compensation paid for Breach of Contract cannot be allowed based on Bank Statement alone: ITAT [Read Order]

Deduction - Compensation - Bank Statement - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that deduction of compensation paid for breach of contract cannot be allowed based on bank statement alone. The assessee, M/s.Home Developersis a partnership firm engaged in the business of builder, promoter, and developer. During the assessment proceedings, the Assessing Officer observed that the assessee entered…

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