TaxTMI 
TaxTMI 
2003 (2) TMI 27
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....the Commissioner of Income-tax, Bombay City-II, Bombay, the Income-tax Appellate Tribunal has referred following questions for the opinion of this court under section 256(1) of the Income-tax Act, 1961. Assessment year 1978-79: Question No. 1: "Whether, on the facts and circumstances of the case, initial contribution by the assessee-company of Rs. 1,28,228 to superannuation fund was a allowable ....
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....learned counsel appearing for the Revenue, fairly stated that the issue is covered by the decision of the apex court in the case of CIT v. Sirpur Paper Mills [1999] 237 ITR 41 in favour of the assessee. Accordingly, we answer question No. 1 in the affirmative and in favour of the assessee. As regards question No. 2 is concerned, the assessee had made ex gratia payment of Rs. 22,81,847 as addition....
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....he agreement between the Mills Owner's Association and the employees union and hence, deductible under section 36(1)(ii). The Tribunal further held that the assessee's case was not covered by the second proviso to section 36(1)(ii). Mr. Desai, learned senior counsel appearing on behalf of the Revenue, relied upon judgment of this court in the case of CIT v. Rajaram Bandekar and Sons (Shipping) Pv....
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....r in accordance with any practice prevailing at the relevant time. In this view of the matter, we answer question No. 2 in the negative and in favour of the Revenue. As regards question No. 3 is concerned, Mr. R.V. Desai, learned senior counsel appearing on behalf of the Revenue, relied upon the decision of this court in the case of CIT v. New Shorrock Spg. and Mfg. Co. Ltd. [1995] 212 ITR 355, w....