https://www.taxtmi.com/caselaws?id=368227 The Court upheld the ITAT's decision allowing deductions for contributions made by the assessee for nonbusiness purposes under Section 37 of the Income Tax Act. Additionally, the Court supported the deduction claimed for pension provisions as an ascertainable business liability based on actuarial calculations. The Court also upheld the deduction under Section 35(2AB) for expenditures related to in-house research activities. Lastly, the Court confirmed the treatment of expenditure towards convertible bonds as revenue expenditure rather than capital, following the Brook Bond case precedent. en-us Mon, 01 Oct 2018 00:00:00 +0530 Wed, 03 Oct 2018 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368227 The Court upheld the ITAT's decision allowing deductions for contributions made by the assessee for nonbusiness purposes under Section 37 of the Income Tax Act. Additionally, the Court supported the deduction claimed for pension provisions as an ascertainable business liability based on actuarial calculations. The Court also upheld the deduction under Section 35(2AB) for expenditures related to in-house research activities. Lastly, the Court confirmed the treatment of expenditure towards convertible bonds as revenue expenditure rather than capital, following the Brook Bond case precedent. Case-Laws Income Tax Mon, 01 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368227