https://www.taxtmi.com/caselaws?id=264978 The High Court upheld the Tribunal's decision that the expenditure incurred on payments made to pensioners is allowable as revenue expenditure. The Court distinguished between contributions to unrecognized funds and actual payments to pensioners, allowing the latter as a deduction under Section 37 of the Income Tax Act. The Court dismissed the revenue's appeals, affirming that while contributions to unrecognized funds are not deductible under Section 36(1)(iv) and (v), actual payments to pensioners are permissible as they are wholly and exclusively for business purposes. en-us Mon, 10 Aug 2015 00:00:00 +0530 Sun, 04 Oct 2015 21:38:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264978 The High Court upheld the Tribunal's decision that the expenditure incurred on payments made to pensioners is allowable as revenue expenditure. The Court distinguished between contributions to unrecognized funds and actual payments to pensioners, allowing the latter as a deduction under Section 37 of the Income Tax Act. The Court dismissed the revenue's appeals, affirming that while contributions to unrecognized funds are not deductible under Section 36(1)(iv) and (v), actual payments to pensioners are permissible as they are wholly and exclusively for business purposes. Case-Laws Income Tax Mon, 10 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264978