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1953 (10) TMI 6 - SC - Income TaxWhether in the facts and circumstances of this case, the Income-tax Appellate Tribunal was right in disallowing ₹ 2,00,000 as a deduction under Section 10(2)(xv) of the Indian Income-tax Act? Held that:- The High Court was right in the conclusion to which it came that there was uncertainty as regards the beneficiaries and there was an absence of any obligation to grant any pension with the result that no legal and effective trust could be said to have been created and further that the provision of ₹ 2,00,000 in the accounting year 1946-47 was not an expenditure or an expenditure for the purposes of the business within the meaning of Section 10(2)(xv)of the Indian Income-tax Act. Appeal dismissed.
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