2012 PTD 801

Case Laws / Head Notes / Paras

--Expenses on account of post retirement employee benefit---Amendment of assessment---Assessee company in its financial statements charged expenses regarding post retirement employee benefit relating to medical facility and free provision of gas---Additional Commissioner, in the amended order, disallowed both the amounts by invoking the provisions of S.21(e) of Income Tax Ordinance, 2001, holding that the accumulation of provisions under said heads tantamounted to creation of a 'fund' which not being an approved fund, attracted the mischief of said provisions of law---Reliance was placed by the Additional Commissioner on decision of Sindh High Court in case 2006 PTD 460, wherein there was issue of determination of allowability of 'provision for gratuity'---Reference to principle of 'stare ...