arrears of commission with interest;
c. To pay the appellant mesne profits/damages of Rs. 10 lacs per month along with interest thereon ... further agrees and undertakes to simultaneously pay damages and mesne profits for wrongful use and occupation of the said premises at the rate
Crompton Greaves Ltd.
account of warranty, liquidated damages, sales tax and excise duty represented
lawful business expenditures of the company and provisions were made ... CLAIM FOR DEDUCTION FOR EXPENSES MADE ON ACCOUNT OF
WARRANTY, LIQUIDATED DAMAGES, SALES TAX AND EXCISE
DUTY
a. The Ld. CIT erred
erred in treating the liquidated damages of Rs. 4,50, 00,
000/ - received from M/s Windia Power Ltd. as capital receipt
without appreciating that ... that the AO made following additions on account of :
a) Liquidated damages from M/s. Windia Power Ltd taxed as
Income from other sources
issue relates to the question of deduction as regards damages and interest paid to the Provident Fund Commissioner under the Employees' Provident Fund ... department has a much better case so far as the damages paid under Section 14B of the Provident Fund Act are concerned as under
relating to
provision made by the assessee towards liquidated damages.
11. That on the facts and in the circumstances of the case, the
lower authorities ... which is in respect of disallowance
of the provision towards liquidated damages, Ld. AR submitted that
similar issue is raised
payable by the assessee at Rs. 37,58,987. The amount of damages fixed by the award along with the fees was debited ... assessment year under consideration. In his opinion, the liability to pay damages to a foreign party was required to be in accordance with the Foreign
interest of the Revenue.
2. The CIT erred in treating liquidated damages of Rs. 21,00,000 received by the assessee from M/s Mahendra ... amount of Rs. 50,000 was receivable by the assessee as liquidated damages in the event of wilful default by the vendor of the property
read along with Allotment letter.
Therefore, the assessee company claimed damages for loss of "source of
income". Various letters and legal notices were ... area. The assessee company had also requested the Builder to
pay the damages being caused due to delay in handing over the
possession from 18th
assessee has raised following grounds of appeal:
A. Claim for damages paid of Rs. 36,60,000 for breach of underwriting arrangement ... obligation to subscribe to devolved securities and
(ii) the resultant claim for damages.
Are integral part of normal underwriting business:
(b) For the reasons stated
made by the AO on account of
provision of liquidated damages without appreciating the fact that the
liquidated damages are as per the terms ... provide for by way of a
clause in the agreement qua liquidated damages which are chargeable at
certain percentage of the total work value
