The Tax Publishers2020 TaxPub(DT) 4353 (Mad-HC)

INCOME TAX ACT, 1961

Section 37(1)

Contribution made towards superannuation fund was to be treated as business expenditure and therefore, would be allowable under section 37(1).

Business expenditure - Allowability - Contribution towards superannuation fund -

Issue under consideration was as to whether Tribunal was right in holding that contribution made towards superannuation fund was to be treated as business expenditure and therefore, would be allowable under section 37(1).Held: Considering the decision of High Court in the case of CIT v. Kattabomman Transport Corporation Ltd. (2004) 268 ITR 507 Mad) : 2004 TaxPub(DT) 50 (Mad-HC), it was concluded that the Tribunal was right in holding that contribution made towards superannuation fund was to be treated as business expenditure and therefore, would be allowable under section 37(1).

Relied:CIT v. Kattabomman Transport Corporation Ltd. (2004) 268 ITR 507 Mad) : 2004 TaxPub(DT) 0050 (Mad-HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :

IN THE MADRAS HIGH COURT

T.S. SIVAGNANAM & V. BHAVANI SUBBAROYAN, JJ.

CIT v. Tamilnadu Maritime Board

T.C.A. Nos. 287, 288, 296 & 298 of 2020

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