Central Trading Agency vs Commissioner Of Income Tax

Authority: High Court Date: 1964-03-19 AY: 1945-46, 1946-47 Section: 37, 37(1) Acts: Indian Income Tax Act 1922 Result: Assessee Citation: (1965) 56 ITR 561 (ALL) Justices: M.C. Desai, C.J. & R.S. Pathak, J. Appeal No: IT Ref. No. 40 of 1959
Whether payments made as liquidated damages to keep a contract alive are permissible deductions under Section 10(2)(xv) of the Income Tax Act 1922 --- Held Yes.

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