Exemption of gratuity fund income was limited to post-amendment law; prior exemptions must be reviewed and corrective recovery pursued.

Exemption for income of approved gratuity funds was introduced effective 1 April 1973; prior to that such income was not exempt and earlier exemptions by analogy with other funds were not legally justified. The Board requires a review of cases up to assessment year 1972-73 to identify funds whose interest or other income was improperly exempted and mandates submission of a list of those funds and actions taken to recover revenue by 25 August 1973.

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