Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2006 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (6) TMI 76 - HC - Income TaxTribunal has disallowed a deduction towards contribution of a sum of Rs. 4,31,342 made by the assessee to the gratuity fund and a sum of Rs. 35,31,223 contributed towards the superannuation fund on the ground that the said funds were not approved during the relevant period - It is well settled that the provisions of a taxing statute have to be interpreted strictly applying the rule of literal interpretation. Nothing can be added or substituted by implication or intendment. If Parliament has made deductions towards provident fund, superannuation fund or gratuity fund admissible only in cases where such funds are approved, granting deductions of amounts paid into unapproved funds under the cover of section 37 of the Act may defeat the legislative intent and frustrate the very purpose underlying the specific provisions made thereunder. We, therefore, see no merit even in the alternative contention urged by appellant that what does not fall under section 36 may nevertheless fall under section 37 and be granted by way of a deduction. - no merit in this appeal which fails and is hereby dismissed
|