Payment of speed money to workers to get work completed quickly allowable as business exp.: High Court

INCOME TAX : Where assessee claimed expenditure towards speed money paid by it to workers on port for speedy completion of work, since payment of speed money was a trade practice which was followed by assessee and similar business concerns for speedy completion of their work, same was to be allowed and, thus, impugned disallowance of 10 per cent of such expenditure was unjustifiedINCOME TAX : Where assessee claimed expenditure towards speed money paid by it to workers on port for speedy completion of work, since payment of speed money was a trade practice which was followed by assessee and similar business concerns for speedy completion of their work, same was to be allowed and, thus, impugned disallowance of 10 per cent of such expenditure was unjustifiedwww.taxmann.com Latest Case LawsRead More

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