https://www.taxtmi.com/caselaws?id=29087 The court held in favor of the Income Tax Appellate Tribunal's decision, ruling that the payment made by the applicant-company on account of the employee was not allowable as business expenditure under section 37 of the Income Tax Act. The court emphasized that the company's failure to deduct tax at source disqualified the amount paid as a deduction, as the obligation did not arise from the business of furnishing guarantees for tax liabilities of employees. The court directed the assessee to bear the costs of the reference. en-us Wed, 03 Mar 1982 00:00:00 +0530 Wed, 10 Mar 2010 16:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29087 The court held in favor of the Income Tax Appellate Tribunal's decision, ruling that the payment made by the applicant-company on account of the employee was not allowable as business expenditure under section 37 of the Income Tax Act. The court emphasized that the company's failure to deduct tax at source disqualified the amount paid as a deduction, as the obligation did not arise from the business of furnishing guarantees for tax liabilities of employees. The court directed the assessee to bear the costs of the reference. Case-Laws Income Tax Wed, 03 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29087