Monthly payment to retired employees to fulfil statutory obligation was allowable as deduction u/s 37(1)

INCOME TAX : Where assessee apart from making contributions to recognised pension and gratuity funds under section 36(1)(iv) and 36(1)(v) respectively, also made payment of pension to retired employees which had been duly approved and notified by Central Government under 'Tuticorin' Port Trust Employees Regulations, 1979, said payment being in terms pf statutory regulation, would fall within general deductions under section 37 and, same could not be brought under section 36(1)(iv) and (v)

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