https://www.taxtmi.com/caselaws?id=36399 The High Court held that the provision for pension of Rs. 1,31,279 was an allowable deduction in computing the company's profits for the assessment year 1972-73. The Court emphasized that the provision was for retired employees, actuarially computed, and thus represented a definite liability. Citing previous cases, the Court highlighted the acceptance of provisions for gratuity based on actuarial valuation as legitimate deductions. The decision favored the company, directing each party to bear its own costs. en-us Wed, 27 Aug 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:29:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36399 The High Court held that the provision for pension of Rs. 1,31,279 was an allowable deduction in computing the company's profits for the assessment year 1972-73. The Court emphasized that the provision was for retired employees, actuarially computed, and thus represented a definite liability. Citing previous cases, the Court highlighted the acceptance of provisions for gratuity based on actuarial valuation as legitimate deductions. The decision favored the company, directing each party to bear its own costs. Case-Laws Income Tax Wed, 27 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36399