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Issues: Whether the assessee was entitled to deduction of gratuity premium paid to the Life Insurance Corporation under section 36(1)(v) of the Income-tax Act, 1961 in view of section 40A of the Income-tax Act, 1961.
Analysis: After insertion of section 40A, deduction in respect of gratuity payment cannot be allowed on general principles under any other provision of the Act. To claim such deduction, the assessee must satisfy the conditions laid down in section 40A.
Conclusion: The assessee was not entitled to deduction under section 36(1)(v); the question was answered against the assessee and in favour of the Revenue.
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