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THE COMMISSIONER OF INCOME TAX TRIVANDRUM Versus STATE BANK OF TRAVANCORE

2015 (8) TMI 369 - KERLA HIGH COURT

Disallowance of contribution to medical benefit scheme for the benefit of its retired employees - whether in the light of Section 40A(9) the Tribunal could not have allowed deduction under Section 37 of the Act? - Held that:- Section 40A which starts with the non obstante clause. Prior to its amendment by Finance Act 2011, as per sub section (9) introduced by Finance Act, 1984 with effect from 1.4.1980, deduction of only payments for the purposes and the extent provided was permitted. Assessee d .....

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8) TMI 14 - MADRAS High Court ) rendered in the context of assessment years 1959-1960 to 1964-1965 has no relevance in so far as the case of the assessee is concerned. - Decided in favour of revenue. - I.T.A.No.73 of 2014 - Dated:- 21-7-2015 - ANTONY DOMINIC & SHAJI P.CHALY, JJ. FOR THE APPELLANT : ADVS.SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX FOR THE RESPONDENT : ADV.SRI.P.BALAKRISHNAN, ADV.SRI.MOHAN PULIKKAL AND ADV.SRI.P.P.NARAYANAN JUDGMENT Antony Domini .....

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e preferred an appeal before the Tribunal which was dismissed by the impugned order. It is accordingly that this appeal is filed and the question of law framed is whether on the facts and circumstances of the case and also in the light of Section 40A(9) of the Income Tax Act, the assessee is entitled to claim deduction of the contribution made by it. 2. We heard the counsel for the appellant and the learned counsel appearing for the respondent. 3. While the Standing Counsel for the Revenue conte .....

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ot being in the nature of capital expenditure or personal expenses of the assessee) laid out or expended wholly or exclusively for the purpose of the business or profession shall be allowed in computing the income chargeable under the head 'Profits and gains of business or profession'. It was in the context of this provision that the Madras High Court rendered its judgment in T.Stanes & Company Limited (supra). However, Section 40A provide for 'expenses or payments not deductible .....

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