March 2019

Section 37 (1) and 41 (1) A. Business expenditure Allowability of (Illegal payment) Where assessee had purchased oil from Iraq and payments were made by an agent, there being no evidence to suggest that assessee had made any illegal commission payment to Oil Market Organisation of Iraqi Government as alleged in Volckar Committee Report, Tribunal's order allowing payment for purchase of oil was to be upheld

K. B. Bhujle
Advocate

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