Tribunal held that section 35DDA of the Act was inserted by the Finance Act, 2001 providing for amortisation of expenditure incurred on the voluntary retirement scheme. The assessment year 1998-99 in the instant case was prior to the insertion of section 35DDA and hence could not apply. The instant year would be governed by the earlier provisions. (AY.1998-99)
Foseco India Ltd. v. Dy. CIT (2020) 80 ITR 29 (SN) (Pune)(Trib.)
S. 35DDA : Amortisation of expenditure-Voluntary retirement scheme – Expenses incurred prior to insertion of section – Governed by earlier provisions. [S. 37 (1)]