https://www.taxtmi.com/caselaws?id=11435 The court held that the Rs. 50 lakhs contribution to the Dynavision Dealers' Welfare Trust was not allowable as a business expenditure under Section 37(1) of the Income-tax Act. However, a valid trust was deemed to have been created with the transfer of the amount by the assessee to the trust on December 26, 1984. The court ruled in favor of the Revenue regarding the expenditure issue but in favor of the assessee on the trust creation matter. The Revenue was awarded costs of Rs. 2,000. en-us Tue, 31 Dec 2002 00:00:00 +0530 Sat, 08 Aug 2009 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11435 The court held that the Rs. 50 lakhs contribution to the Dynavision Dealers' Welfare Trust was not allowable as a business expenditure under Section 37(1) of the Income-tax Act. However, a valid trust was deemed to have been created with the transfer of the amount by the assessee to the trust on December 26, 1984. The court ruled in favor of the Revenue regarding the expenditure issue but in favor of the assessee on the trust creation matter. The Revenue was awarded costs of Rs. 2,000. Case-Laws Income Tax Tue, 31 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11435