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Provision for anticipated Pay Revision is allowable Business Expense
Case Law Details
- Case Name
- Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All High Courts, Delhi High Court
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Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court)
The pay revision of employees of the appellant, a PSU is due every ten years with the expiry of one wage settlement or agreement. Invariably, there is a time lag between expiry of a wage revision and negotiation of a fresh wage revision. The appellant had made provision of Rs. 1.60 crores on scientific foundation and on the basis of its past experience in its accounts for Financial Year 2006-07. The provision was made for the period 1st January, 2007 to 31st March, 2007 and deduction was claimed on th...
