Case Law Details
ACIT Vs Punjab & Sind Bank (ITAT Delhi)
The issue in the present ground is with respect to the disallowance of contribution to Punjab & Sind Bank Employees Pension Fund Trust under Section 36(1)(iv) of the Act r.w. Rule 87 & 88 of the Income Tax Rule, 1962. We find that identical issue arose before the Co-ordinate Bench of Tribunal in assessee’s own case for A.Y. 2013-14 and the Coordinate Bench of Tribunal deleted the addition by following the order in assessee’s own case for A.Y. 2011-12 & 2012-13. The relevant observation of the Co-ordinate Bench reads as under:
“15. Ground No.2 relates to the deletion of the disallowance made by the AO out of contribution to Punjab and Sind Bank Employees Pension Fund Trust.
16. A similar grievance was considered by this Tribunal in A.Y.2011-12 and 2012-13 (supra). The relevant findings of the Tribunal read as under :-
“17. Ld. CIT(A) found that on similar issue in the Assessment year 2009-10, the issue was decided in of the assessee wherein it was held that similar expenses were allowed in the earlier assessments made under section 143(3) of the Act and the decision of Delhi ITAT in the case of DCIT vs Ranbaxy Laboratories Ltd (2009) 124 TTJ (Delhi) 771 wherein the expenses towards provision for pension fund were held to be allowable expenses and section 43B has no application, is applicable. The fact that the assessee had actually contributed/paid the amount to pension fund makes the case of the assessee even stronger. Following the above orders, Ld. CIT(A)held that the addition his score has to be deleted.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
