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2015 (7) TMI 1128 - AT - Income TaxAllowability of prior period expenses - Held that:- The assessee is a government company. The genuineness of the expenses has not been doubted by the Assessing Officer. The ld CIT(A) had followed the Coordinate Bench decision passed on identical fact, therefore, we uphold the order of the ld CIT(A) holding prior period expenses as allowable expense Allowability of deduction for the contribution made to an unapproved gratuity fund - Held that:- The issue is identical to A.Y. 2006-07, in assessee’s own case. As the assessee has applied for its approval in time but formal approval had not been issued by the department, therefore, there is no fault on the assessee. The identical issue has been decided by the Coordinate Bench, which is squarely application on this year also. Therefore, we uphold the order of the ld CIT(A) allowing the deduction for contribution made to an unapproved gratuity fund. Allowability of contribution to state renewal fund - Held that:- As the State Govt. had set up a State Renewal Fund in the year 1995 with the object of providing a safety net for the workers likely to be affected by restricting in the State Public Enterprises, as a result of this process, these expenses have been correctly claimed by the assessee. Allow the expenses as being covered by the decision of the Hon’ble ITAT for A.Y. 2006-07.
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