Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Page of 4805
Press 'Enter' after typing page number.
4361 to 4380 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The HC held that premium paid to secure post-retirement annuity was deductible because it discharged an existing contractual obligation, not a contingent liability. The relevant test was whether the liability had already accrued at the time of payment; the fact that the employee's entitlement to receive the annuity depended on retirement, age, or service conditions did not make the premium itself contingent, especially where the policy provided no refund if the contingency failed. The Court applied Bharat Earth Movers and Metal Box, and held Indian Molasses inapplicable. The Tribunal's view was rejected, the assessee's claim was allowed, and the appellate authority's order was restored.
The HC held that premium paid to secure post-retirement annuity was deductible because it discharged an existing contractual obligation, not a contingent liability. The relevant test was whether the liability had already accrued at the time of payment; the fact that the employee's entitlement to receive the annuity depended on retirement, age, or service conditions did not make the premium itself contingent, especially where the policy provided no refund if the contingency failed. The Court applied Bharat Earth Movers and Metal Box, and held Indian Molasses inapplicable. The Tribunal's view was rejected, the assessee's claim was allowed, and the appellate authority's order was restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
