The Income Tax Officer allowed the deduction only to the extent of 80 of the aggregate companytribution and spread it out over a period of five years.
For the current year the amount companytributed was Rs.2,70,911/ and for the past five years it was an aggregated amount of Rs.2,14,785/ , calculated on the basis of 25 of the employees dues on account of past service.
For so doing, he relied upon a numberification dated 21.10.1965 issued by the Central Board of Direct Taxes.
The order of the C.I.T. Appeals was upheld by the Income Tax Appellate Tribunal.
The assessee appealed and the Commissioner of Income Tax Appeals allowed the deduction in full.
The facts number set out are of Civil Appeal No.2398 of 1994.
Having regard to the fact that the Special Leave Petition filed by the Revenue against the judgment in Hyderabad Asbestos Cement Products Ltd. was dismissed on a technical ground, we have heard these appeals on their merits.
The facts of these appeals are similar.
The assessee had in the relevant Assessment Year A.Y. 1981 82 made a companytribution to an approved superannuation fund.
