https://www.taxtmi.com/caselaws?id=267034 The High Court upheld the Tribunal's decision that approval by the jurisdictional Commissioner was not required for recognition of a pension fund trust under Section 36(1)(iv) of the Income Tax Act. The Court emphasized that the fund's recognition by the CIT-VII sufficed. Additionally, the Court affirmed that income related to reimbursement of free passes crystallizes upon approval by the competent authority, dismissing the Revenue's challenge based on the mercantile system of accounting. The Court concluded in favor of the assessee, confirming the Tribunal's order. en-us Mon, 20 Jul 2015 00:00:00 +0530 Thu, 29 Oct 2015 06:07:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267034 The High Court upheld the Tribunal's decision that approval by the jurisdictional Commissioner was not required for recognition of a pension fund trust under Section 36(1)(iv) of the Income Tax Act. The Court emphasized that the fund's recognition by the CIT-VII sufficed. Additionally, the Court affirmed that income related to reimbursement of free passes crystallizes upon approval by the competent authority, dismissing the Revenue's challenge based on the mercantile system of accounting. The Court concluded in favor of the assessee, confirming the Tribunal's order. Case-Laws Income Tax Mon, 20 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267034