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TMI Blog2018 (10) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... and ascertained through scientific statistical data is well recognized through series of judgments. We do not see the Tribunal has therefore committed any error. Our attention was however drawn to the judgment in case of Dishergarh Power Supply Co. Ltd., vs. CIT, (1990 (3) TMI 374 - CALCUTTA HIGH COURT). It was however a case where the assessee had claimed deduction on payment of pension on actual basis as well as towards provision for future actuarial basis which the High Court found was not permissible. We notice that very High Court in case of this very assessee in case of Commissioner of Income-tax vs. Ranbaxy Laboratories Ltd.(2011 (3) TMI 1032 - DELHI HIGH COURT ) upheld the assessee's claim of deduction. This question is therefore n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3802) ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Tax appeal is admitted for consideration of following substantial questions of law :- "(A) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and facts in allowing the deduction u/s.37 of the Income Tax Act of the contribution made by the assessee for nonbusiness purposes viz. Contribution of ₹ 25,00,000/to Ranbaxy Community Health Care Society and contribution of ₹ 10,00,000/to Ranbaxy science foundation?" 2. To be heard with Tax Appeal No.853 of 2016. 3. We notice that the Revenue has proposed following additional questions : "(1) Whether in the facts and in circumstances of the case, the learned ITAT has erred in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appeal by the assessee. CIT (Appeals) deleted the same. Matter went to the Tribunal at the hands of the Revenue. The Tribunal ruled in favour of the assessee. It was noticed that the pension was payable to all management employees and it was not funded. The pension would be paid to the employees upon their resignation or retirement or to the member of the family in event of premature death of the employee the liability was ascertained through scientific method. The claim of deduction on the basis of provision made for future liability which is ascertainable and ascertained through scientific statistical data is well recognized through series of judgments. We do not see the Tribunal has therefore committed any error. Our attention was how ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer was of the opinion that since the bonds were convertible, the expenditure should be treated as capital in nature. CIT (Appeals) allowed the deduction. The Tribunal confirmed the same while referring to the decision of the Supreme Court in the case of Brook Bond, reported in 225 ITR 798. While referring to the Brook Bond, CIT (Appeals) has further noticed that the expenditure should be treated as one for raising loan by issuance of debenture. The Tribunal while confirming the view of the CIT (Appeals) recorded that the conversion of the bonds into shares never took place. Entire loan was repaid alongwith redemption premium by the assessee. Learned counsel for the Revenue however submitted that by very nature of things, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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