2014 (5) TMI 595

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....J.) The present appeal is filed by the department under Section-260-A of the Income Tax Act to assail the order dated 16.11.2006, passed by the Income Tax Appellate Tribunal, Delhi in I.T.A. No.4607/Delhi/2005 for the assessment year 1997-98 on 04.08.2010. The appeal was admitted on the following substantial questions of law:- (a) Whether on facts and in the circumstances of the case the Hon&#3....

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....oup Insurance Policy was disallowed. The insurance policy was purchased for the employees of the textile division. The C.I.T. (A) has confirmed the dis-allowance. However, the Tribunal has allowed the claim of the assessee by observing that the original return of income was filed on 27.10.1997. The assessment under Section-143(3) of the Act was completed on 27.03.2000. Notice under Section-148 of ....

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....able on record. From the records, it appears that at the time of making the payment of premium, both the schemes of LIC were not recognized as Recognition Certificate was not issued, but in due course, the Recognition Certificate was issued. Schemes were for the welfare of the employees which cover the substantial life insurance of the employees of Textile unit. The expenditure is allowable as a ....