Law relating to deductibility of expenses in Contractual and Statutory liability disputes dealt at length by the Special Bench of ITAT

Special Bench presided by ITAT President Mr. DD Sud in the case of National Agriculture Co-operative ITA  1999 & 2000/Del/2008 pronounced on 16-10-2015 has touched and dealt at length the issues of deductibility of expenses in case of Contractual and Statutory liability disputes with the aide of Judicial pronouncements and adumbrated vital principals of law on the subject as under: