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2014 (7) TMI 423 - ITAT MUMBAIProvision for post-retirement medical benefits to employees – Held that:- The decision in Hindustan Petroleum Corporation Ltd. Versus Jt. Commissioner of Income Tax [2014 (7) TMI 290 - ITAT MUMBAI] followed - The post-retirement medical benefit is a provision, which has become a must for all the concerns, specially where there are health hazards - It is because of these reasons, the Government has notified that post retirement medical benefit be allowed - a service contract is worded in such a way that these benefits are integral part of the contracts and the liability gets attached, the moment a service contract is signed, inducting a new employee – post-retirement medical benefit is also a liability which gets attached to the company the moment, the service contract is signed, - thus, the matter is remitted back to the AO – Decided in favour of Assessee. Interpretation of section 37(1) r.w. section 35B of the Act - Expenditure incurred for acquiring the right to use the know-how - Expenses on implementation of welfare projects - Interpretation of section 43B of the Act – Deduction of excise and customs duties paid –Deduction u/s 80HH/80I/80IA of the Act - Claim for deduction of profits of the new LPG Bottling Plants commissioned – Held that:- The decision in assessee’s own case for the previous year has been followed, AO disallowed the claim regarding right to use technical know-how u/s 37(1) and also denied the claim for 1/6th u/s 35AB - the AO is directed to allow the claim – AO is directed to allow deduction for entire amount of excise duty and custom duty paid by the assessee irrespective of the excise duty and custom duty included in the valuation of assessee’s closing stock at the end of the accounting year - Decided in favour of Assessee. Repairs & maintenance, telephone and telegram expenses, property tax of guest house – Held that:- The decision in Britannia Industries Limited Versus Commissioner of Income-Tax And Another [2005 (10) TMI 30 - SUPREME Court] followed - expenditure towards rent, repairs, maintenance of guest house used in connection with business is to be disallowed u/s. 37(4) because this is a special provision overriding the general provision – Decided against Assessee.
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