past several years and the
assessee has been accounting for receipt of damages even in the past; the appellant never
raised any plea either before ... earlier assessment years, the appellant never raised the
legal contention that such damages or compensation was in the nature of 'mesne profit
agreements also contained a clause for payment of liquidated damages
in the event of default by the LOCs. In the event of default ... refusal to the appellant, then the LOC was required to pay
liquidated damages in the manner as prescribed in the Agreement. The relevant Clause
mesne profit which is essentially in the nature of damages. In support of this contention he referred to Mulla's commentary on the Code ... proposition that mesne profit is virtually a claim for damages and that wrongful possession is the very essence of a claim for mesne profit
allow the claim of the liquidated damages to the tune of Rs.5,48,012/-. Brief
facts of the issue are that the assessee ... claimed deduction of the liquidated damages of
Rs.5,48,012/- which was debited in the P&L Account which were claimed
Provident Fund or the Pension Fund as the case may be,
damages recoverable under Section 16 of the Act,
Accumulation required to be transferred under ... same manner as an arrear of land revenue.
16. Power to recover damages: Where an employer makes a default in the payment of
contribution
assessee have settled the accounts permanently after deducting the
liquidated damages and they have refused to pay the amount forever? Was
not he wrong ... made by the Assessing Officer for ₹394.85 lacs on
account of liquidated damages.
3. Briefly stated facts are that assessee in the present case
claimed the
expenses of Rs.87,35,561/- under the head damages. On question by the AO
about the nature of details of such expenses ... well as cost of scrapping
work was categorized under the head damages. The cost of damages was
directly related to the business activities
made by the Assessing Officer on account of unexplained provision for
liquidated damages in the facts and circumstances of the case.
3. Brief facts ... clients on account of work done and all the details involving liquidated
damages were submitted to the AO. The liquidated damages were deduced
equipment, designs
becomes plant and this may be the reason, the liquidated damages are confined to
35% of the contract value. The absence of return ... exist in the contracts regarding the company liable for payment of liquidated
damages in the event of performance guarantee parameters not being met.
Therefore
made by the AO on account of liquidated
damages.
12
I.T.A. Nos.1068 & 1166/Kol/2017
ITA Nos. 1222 & 1223 ... profit and loss account which represented the liquidated damages received from
various suppliers. According to assessee these damages were received on account of
capital assets
