Held that contribution made towards superannuation fund was to be treated as business expenditure and, thus, same was to be allowed as deduction under section 37(1) even though said fund was unapproved under Employee’s Provident Funds Act, 1952. (AY. 2007-08, 20011-12, 2012-13)
CIT v. Tamilnadu Maritime Board(2021) 131 taxmann.com 250 (Mad.)(HC) Editorial : Notice issued in SLP filed against order of High Court, CIT v. Tamilnadu Maritime Board. (2022) 285 Taxman 283 (SC)
S. 37(1) : Business expenditure-Provident fund, contribution to unrecognized provident funds-Allowable as deduction. [S. 36(1)(iv), 40A(9)]