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<h1>Deduction for actuarially valued gratuity liability denied under Income-tax Act; specific conditions clarified.</h1> The High Court of Gujarat held that the assessee was not entitled to a deduction for actuarially valued gratuity liability under the Income-tax Act, 1961. ... Business Expenditure The High Court of Gujarat ruled that the assessee was not entitled to a deduction for actuarially valued gratuity liability under the Income-tax Act, 1961. The Tribunal had allowed the deduction, but the Supreme Court clarified that gratuity could only be deducted under specific conditions in section 40A(7). Therefore, the deduction was disallowed for the assessee.
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