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of <h1>Income Tax Circular Highlights Error in Gratuity Provision Assessment for 1973-74 u/s 40A(7.</h1> The circular addresses an error in the assessment of a company's gratuity provision for the 1973-74 tax year, which was initially disallowed due to lack of fund approval but later allowed retroactively after compliance with section 40A(7) of the Income Tax Act. The error occurred when the Income Tax Officer (ITO) failed to withdraw deductions allowed in the 1974-75 tax year, resulting in a double allowance. The Board stresses the importance of correlating assessments across different years to prevent such errors and instructs Income Tax Officers and auditors to be vigilant in examining adjustments involving multiple assessment years.
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