Tax Deduction Allowed for Unrecognized Provident and Unapproved Pension Funds; Electricity Duty Offset Validized.

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....The ITAT allowed the assessee's appeal, holding that contributions made to the unrecognized provident fund and unapproved pension fund were eligible for deduction under the relevant provisions of the Income Tax Act. The High Court upheld the ITAT's decision, ruling that the assessee had rightfully discharged its onus and the expenditure incurred was allowable. Regarding the allowability of expenditure u/s 36(1)(iv) as per Section 37(1), the High Court followed its earlier precedent in CIT vs. Punjab Financial Corporation, contrary to the Delhi High Court's view in Sony India P. Ltd. The court held that its earlier judgment would have binding precedential value over differing views of other High Courts. Furthermore, the court ruled that the .........