2010 (11) TMI 804

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..... andran Nair, J.- The connected appeals are filed by the assessee challenging the orders of the Tribunal confirming the Income-tax assessments for assessment years 1996-97 and 1997-98. We have heard Sri. Arun Raj, learned counsel for the appellant and standing counsel Sri. Jose Joseph for the respondent.   2. The common issue raised is whether the Tribunal was justified in confirming disall .....

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..... erred to therein are funds for the benefit of the employees. What sub-clause (9) says is that in order to get exemption for such contributions, employees funds should be those falling under section 36(1)(iv) and (v) of the Act or as required by any other law for the time being in force. The assessee has no case that employer's contribution was made to a Fund in terms of clauses (iv) and (v) of sec .....

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..... nd the asset itself was acquired in subsequent year. Even though expenditure, both revenue and capital incurred by the assessee for research and development qualifies for deduction, the advance paid for acquiring assets, in our view, was rightly held to be not the expenditure incurred by the assessee. In fact, assessee is entitled to deduction for the year in which equipments were acquired, which .....

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