Law:

Section:

Section 40A(7) of the Income-tax Act, 1961 - Business disallowance - Gratuity - Whether where assessee did not have an approved gratuity fund, its claim for gratuity liability could not be allowed - Held, yes FACTS The Tribunal allowed the assessee's claim for gratuity liability notwithstanding the fact that the assessee did not have an approved gratuity fund. On reference : HELD In the light of the of the Supreme Court in Shree Sajjan Mills Ltd. v. CIT [1985] 156 ITR 585, the Tribunal was not justified in allowing the assessee's claim for gratuity liability. Note : The decision is in favour of the revenue. CASE REFERRED TO Shree Sajjan Mills Ltd. v. CIT [1985] 156 ITR 585 (SC). Dr. V. Balasubramanian, S.V. Naik and K.C. Sidhwa for the Applicant. V.J. Pandit and I.P. Pandit…

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