Contribution to PNB Employees Pension Fund Trust allowed

Punjab National Bank Vs ACIT (ITAT Delhi) In the given case, one of the main issue under consideration is whether the disallowance of contribution made to PNB Employees Pension Fund Trust, which the assessee claims to be its legitimate business expenditure is justified in law? The PNB is a bank incorporated under the Banking Companies (Acquisition and Transfer) of Undertaking Act, 1970 and is regulated by the Reserve Bank of India. IN present case, Bank has made some contribution to PNB Employees Pension Fund Trust which they have claimed in return as business expenses. AO has disallowed it by...