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TMI Blog2013 (6) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... f assessee. Payment towards pension fund when no liability of revenue nature was determined - held that:- under Rule 10 of the Madhya Pradesh Krishi Upaj Mandi (State Marketing Development Fund) Rules, 2000, the Krishi Upaj Mandi has to create a Reserve Fund, which is a statutory liability and the aforesaid fund is to be created for the payment of pension to the members of the Board. - In view of the statutory liability of the Krishi Upaj Mandi, if the Income Tax Appellate Tribunal has allowed the deduction of aforesaid contribution, no fault is found. - decided in favor of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel appearing for the assessee supported the order. It was submitted by him that so far as depreciation is concerned, it has been rightly allowed by the Tribunal in view of specific provision as contained in Explanation 5 to sub-section (1) of Section 32 of the Income Tax Act which specifically provides that the depreciation shall be allowed to the assessee in spite of the fact that the assessee had claimed deduction in respect of the depreciation in computing his total income, or not. It is submitted that the aforesaid amendment as Explanation 5 to sub-section (1) of Section 32 has been inserted by the Parliament by the Finance Act, 2001 w.e.f. 01.04.2002 and is applicable in the present case. So far as the contribution by the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gricultural Research and infrastructural development Fund, at the rate of five per cent of remaining aggregate receipts Chief Accounts Officer will deposit in separate Bank account every three months in the form of Reserve Fund. Use of Reserve Fund shall be made for the payment of pension to the members of State Board Service, family pension, ex-gratia, gratuity grant, loan and advance as per procedure prescribed by Board. (2) Each member of service of the Board shall be entitled to receive pension on retirement, gratuity and other benefits as per rules applicable to the Government servants. (3) In the event of death during service of any member, his legal successor shall be entitled to receive gratuity family pension. (4) Separate accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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