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about performance guarantee

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21 September 2009 we have given a performance guarantee to the Government for a service contract. But it was encashed by the Govt. due to non compliance of the contract. It can be considerd as Business Expenditure under income tax. Please clarify.
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Kaustuv

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Kaustuv (Expert)
21 September 2009 yes, it can be. Its same like LDs

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