Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
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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.
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