Voluntary retirement compensation paid to employees took over by joint venture is deductible u/s 37

INCOME TAX : Where assessee taken over employees of a company under joint venture and incurred expenditure on account of voluntary retirement compensation paid to these employees, since said payment of compensation by assessee was to induce these employees to retire prematurely so as to curtail its expenditure in future and, thus, such expenditure was incurred solely and exclusively for purpose of business, same was to be allowed as deduction under section 37(1)

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