Allowing the appeal of the revenue the Tribunal held that ,only provisions under which deduction has been claimed as well as allowed to assessee is S. 35DDA which provides for deduction only to extent of 1/5th in first year. Provisions of statute being expressly crystal clear, assessee was entitled to claim deduction only to extent of 1/5th only during impugned AY against aggregate payment. (AY. 2004 -05)
Dy. CIT v. ICICI Bank Ltd ( 2019)202 TTJ 560 / ( 2020) 185 DTR 233 (Mum) (Trib)
S. 35DDA : Amortisation of expenditure – Voluntary retirement scheme – Entitled to claim deduction only to extent of 1/5th only during impugned assessment year against aggregate payment. [ S.147 ]