Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

2018 (10) TMI 193

at:- The pension would be paid to the employees upon their resignation or retirement or to the member of the family in event of premature death of the employee the liability was ascertained through scientific method. The claim of deduction on the basis of provision made for future liability which is ascertainable and ascertained through scientific statistical data is well recognized through series of judgments. We do not see the Tribunal has therefore committed any error. Our attention was however drawn to the judgment in case of Dishergarh Power Supply Co. Ltd., vs. CIT, (1990 (3) TMI 374 - CALCUTTA HIGH COURT). It was however a case where the assessee had claimed deduction on payment of pension on actual basis as well as towards provision .....

X X X X X X X

Full Text of the Document

X X X X X X X

e facts on record suggest that the conversion of bonds into shares never took place and the entire borrowed amount was repaid with redemption premium, keeping a contention of the counsel for the Revenue open this question is not considered. - R/TAX APPEAL NO. 1159 of 2018 - 1-10-2018 - MR AKIL KURESHI AND MR B.N. KARIA, JJ. For The Petitioner (s) : Mr.Varun K.Patel (3802) ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Tax appeal is admitted for consideration of following substantial questions of law :- (A) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and facts in allowing the deduction u/s.37 of the Income Tax Act of the contribution made by the assessee for nonbusiness purposes viz. Contri .....

X X X X X X X

Full Text of the Document

X X X X X X X

separately considered. 5. Question No.(1) pertains to the assessee's claim of deduction of provision made for the purpose of pension payable to the employees which provision was made on the basis of actuarial. The Assessing Officer objected to such deduction and disallowed the same in the order of assessment. The issue was carried in the appeal by the assessee. CIT (Appeals) deleted the same. Matter went to the Tribunal at the hands of the Revenue. The Tribunal ruled in favour of the assessee. It was noticed that the pension was payable to all management employees and it was not funded. The pension would be paid to the employees upon their resignation or retirement or to the member of the family in event of premature death of the employ .....

X X X X X X X

Full Text of the Document

X X X X X X X

king at the approved research facility and were directly engaged in the research and development activities. Thus, the expenditure was held to be related to the inhouse research activity. This question is therefore not considered. 7. Question No.(4) pertains to the revenue expenditure claimed by the assessee towards convertible bonds. The Assessing Officer was of the opinion that since the bonds were convertible, the expenditure should be treated as capital in nature. CIT (Appeals) allowed the deduction. The Tribunal confirmed the same while referring to the decision of the Supreme Court in the case of Brook Bond, reported in 225 ITR 798. While referring to the Brook Bond, CIT (Appeals) has further noticed that the expenditure should be tre .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||