Tribunal held that the payment to contractors benevolent Fund is allowable subject to verification. As regards penalty for delayed contract , the Assessing Officer is directed to verify nature of default and whether S. 37(1) Explanation is applicable .
Pampamaheshwar Ravindranath v. ACIT (2020) 78 ITR 68 (SN) ( Bang) (Trib)
S. 37(1) : Business expenditure -Payment to contractors benevolent Fund —Allowable subject to verification -Penalty- Delayed contract – Assessing Officer is directed to verify nature of default . 37(1) Explanation ]