Pension to wholetime Directors allowable as business deduction

ACIT Vs Tata Sons Ltd. (ITAT Mumbai) Conclusion: Payment of Rs.89 lakhs on account of pension to wholetime Directors on the basis of Board resolution of the assessee company was incurred wholly and exclusively for the purpose of business of the assessee and was allowable as deduction. Held: Assessee had debited Rs.5.77 Crores as provision for pension payable to former Directors out of which a sum of Rs.89 lakhs was actually paid. The remaining sum of Rs.4.88 Crores was payable which was the subject matter in the aforesaid ground 6(i) which was not pressed by assessee. Assessee contended that t...