Contribution to SPV as directed by SC so as to continue business activities are allowable as deduction: ITAT

INCOME TAX : Where assessee owned mining lease and Contributed 15 per cent of sale proceeds to SPV account, by virtue of directions of Supreme Court, as a precondition to resume mining operations contribution towards SPV was a requirement to be incurred to continue its business activities and, these payments did not fall within category of penalty within ambit of Explanation to section 37(1)

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