2013 (3) TMI 760

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....n this appeal by the revenue for assessment year 200506 following questions have been raised for our consideration. a) Whether on the facts and in the circumstances of the case and in law the Tribunal was right in setting aside the disallowance of Rs. 83,23,082/made by the Assessing Officer u/s.14A read with Rule 8D and further directing the A.O. to work out the disallowance in light of t....

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..... 3) So far as question (b) is concerned, the Tribunal in the impugned order held that the employees' contribution towards the superannuation fund was not allowable as deduction u/s. 36(1) (iv) of the Income Tax Act, 1961 ("the Act"). However, as the same was an expenditure incurred exclusively for the purposes of business, it is allowable as a deduction under Section 37 of the Act. The gri....