https://www.taxtmi.com/caselaws?id=277480 Payments placed in a pension trust to meet a possible future annuity liability were not "expenditure" under section 10(2)(xv) of the Indian Income-tax Act, 1922, because the assessee had not wholly and effectively parted with the money. The trust deed left the fund subject to a resulting trust if the contemplated contingencies did not occur, so the amount was only set aside tentatively rather than irretrievably spent. For income-tax purposes, a present expenditure requires an effective outlay, not a mere allocation against a contingent liability, and the deduction was therefore disallowed. en-us Wed, 21 Dec 1955 00:00:00 +0530 Wed, 05 Dec 2018 12:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277480 Payments placed in a pension trust to meet a possible future annuity liability were not "expenditure" under section 10(2)(xv) of the Indian Income-tax Act, 1922, because the assessee had not wholly and effectively parted with the money. The trust deed left the fund subject to a resulting trust if the contemplated contingencies did not occur, so the amount was only set aside tentatively rather than irretrievably spent. For income-tax purposes, a present expenditure requires an effective outlay, not a mere allocation against a contingent liability, and the deduction was therefore disallowed. Case-Laws Income Tax Wed, 21 Dec 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277480