TMI Blog2016 (6) TMI 1455X X X X Extracts X X X X X X X X Extracts X X X X ..... by the decision in Glaxo Smithkline Pharmaceuticals [ 2011 (1) TMI 1530 - ITAT MUMBAI] wherein it was held that the limitations placed under Rule 87 are not applicable to the payment of additional contribution necessitated due to shortfall discovered in the course of actual valuation of the fund as the same is in the nature of one time exceptional payment to ensure that the superannuation fund is able to discharge its obligation. There is thus a mistake in the order of the Tribunal in giving such direction to the Assessing Officer while deciding this issue vide paragraph no 44 and the same being apparent from record, we rectify the same by deleting last eight lines of the said para and substituting the same with the following:- We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to meet the deficit of fund in the era of falling interest as per actuarial valuation is neither ordinary annual contribution (guided by Rule 87) nor initial contribution (guided by Rule 88) and hence none of these Rules do apply. Having considered this your kindself had concluded - Accordingly, we decide this issue in favour of the assessee in principle by following the decision of the Co-ordinate Bench of the Tribunal in the case of Glaxo Smithkilne Pharmaceuticals (supra) and restore the matter to the file of the Assessing Officer for the limited purpose of verifying as to whether the amount paid is within the limits specified in relevant Rules. Subject to this direction, Ground No 8 of the assesse's appeal for AY 2004-9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Glaxo Smithkline Pharmaceuticals (ITA No 6444/MUM./2007 dated 28.01.2011), wherein it was held that the limitations placed under Rule 87 are not applicable to the payment of additional contribution necessitated due to shortfall discovered in the course of actual valuation of the fund as the same is in the nature of one time exceptional payment to ensure that the superannuation fund is able to discharge its obligation. There is thus a mistake in the order of the Tribunal in giving such direction to the Assessing Officer while deciding this issue vide paragraph no 44 and the same being apparent from record, we rectify the same by deleting last eight lines of the said para and substituting the same with the following:- We are unable to ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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