CIT v. Textool Co. Ltd.

Narasu'S Spinning Mills, Salem vs. ACIT, Salem

In the result, the appeal of the assessee is partly allowed

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.957/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12 M/S Narasu’S Spinning Mills, The Assistant Commissioner Of 9-E, Gandhi Road, V. Income Tax, Salem – 636 007. Circle –I(2), 3, Gandhi Road, Salem-636 007. Pan : Aabfn 5747 L (अपीलाथ"/Appellant) (""यथ"/Respondent)

…pt for payment of money before the Assessing Officer. According to the Ld. counsel, the payment of money is not disputed. Once the money is paid in the year out of the hands of the assessee, in view of judgment of Apex Court in CIT v. Textool Co. Ltd. (2013) 263 CTR 257, the amount paid by the assessee has to be allowed under Section 36(1)(v) of the Act. 14. We heard Sh. P. Radhakrishnan, the Ld. D.R. also, who submitted that admittedly, the Employees Group Gratuity Fund is not approved by the Commissioner during the year under consideration. Therefore, the payment made by the assessee cannot be allowed. 15.…