COMMISSIONER OF INCOME TAX WEST BENGAL - I, CALCUTTA. vs ASSOCIATED ELECTRICAL INDUSTRIES (INDIA) PRIVATE LIMITED.

The Supreme Court ruled that under Section 10(2)(xv) and Section 10(4)(C) of the Indian Income Tax Act, 1922, the contributions made by the assessee towards a pension and life assurance plan for employees are allowable as deductions. The Court held that the amendments made to the plan rules, which transferred control over the policy amounts to the employees, did not negate the deductibility of contributions made in earlier years. The Court affirmed the Income Tax Appellate Tribunal's decision allowing deductions for contributions made in the relevant assessment years.