Allowability of Contributions to superannuation fund, not in the nature of initial or ordinary annual contribution

Contributions to a superannuation fund, not being in the nature of initial or ordinary annual contribution is an allowable deduction Facts • During the assessment year 2004-05, the taxpayer claimed a deduction for payments to the superannuation scheme in excess of the prescribed limits. • The superannuation fund of the taxpayer, duly approved was a „defined benefit scheme? and the taxpayer made ordinary annual contribution equal to 27% of salary, less the amount of its contribution to provident fund. • As a consequence of falling interest rates, the Life Insurance Corporation of India ...