COMMISSIONER OF INCOME TAX Vs. KARNATAKA ELECTRICITY BOARD

JUDGEMENT

(1.) THE two questions referred under the provisions of the Income-tax Act, 1961 ("the Act" for short), read thus :

(2.) FOLLOWING the decision of this court in CIT v. Bangalore Turf Club Ltd. [1984] 150 ITR 23, the first question is answered in the affirmative and against the Revenue.

(3.) SRI Chanderkumar referred to section 36(1)(iv) of the Act and urged that the subject of superannuation fund was covered by the said provision and hence, unless the payment is made to an approved superannuation fund, the payment is not deductible. Section 37 was read to point out that deductible expenditure under section 37 is the one not being of the nature described in sections 30 to 36; since pension fund is the one which is in the "nature" of a superannuation fund, section 37 is not attracted.