https://www.taxtmi.com/caselaws?id=12447 The court held that the expenditure of Rs. 3,70,755 incurred by the assessee as retirement compensation was allowable as revenue expenditure under section 37 of the Income-tax Act, 1961. The payment was deemed to be for commercial expediency and to settle legitimate expectations of the employees, not falling under section 36(1)(v) for approved gratuity funds. The court upheld the decisions of the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal, allowing the deduction under section 37(1), and dismissed the appeal with no order as to costs. en-us Tue, 04 Jun 2002 00:00:00 +0530 Thu, 25 Feb 2010 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12447 The court held that the expenditure of Rs. 3,70,755 incurred by the assessee as retirement compensation was allowable as revenue expenditure under section 37 of the Income-tax Act, 1961. The payment was deemed to be for commercial expediency and to settle legitimate expectations of the employees, not falling under section 36(1)(v) for approved gratuity funds. The court upheld the decisions of the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal, allowing the deduction under section 37(1), and dismissed the appeal with no order as to costs. Case-Laws Income Tax Tue, 04 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12447