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2018 (3) TMI 1756 - HC - Income TaxContribution made to State Renewal Fund - allowable expenditure u/s 37(1) - whether not connected with the business but is diversion of Income and not allowable u/s. 37(1) ? - HELD THAT:- Issue is now covered by the decision of this Court in Principal Commissioner of Income-Tax V/s Rajasthan State Seed Corporation Ltd. [2016 (9) TMI 59 - RAJASTHAN HIGH COURT] as held any normal expenditure for the welfare and benefit of employees is allowable expenditure under Section 37(1), the Tribunal has come to a finding of fact that it was a legal obligation of the respondentassessee towards contribution of the said amount to the State Renewal Fund and there being a legal obligation as well in our view the Tribunal has come to a correct conclusion. - Decided in favour of assessee. Allowability of belated payment of PF & ESI - Beyond due date in respective Act - Section 43 B and not by Section 36(1)(va) r.w.s. 2(24)(x) - HELD THAT:- issue is covered by decision in the case of CIT VERSUS M/S. STATE BANK OF BIKANER & JAIPUR AND JAIPUR VIDYUT VITARAN NIGAM LTD. [2014 (5) TMI 222 - RAJASTHAN HIGH COURT]
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