Retrospective tax provision waiver where gratuity provision led to short advance tax, penalty and interest waived. Waiver of penalty and interest applies where reassessment or rectification arises from the retrospective operation of section 40A(7) and the short payment of advance tax is attributable to deduction of a provision for gratuity; Instruction No.849 para 5(b) is extended to assessment years 1973-74 and 1974-75 and officers are directed to apply this guidance in relevant assessments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Retrospective tax provision waiver where gratuity provision led to short advance tax, penalty and interest waived.
Waiver of penalty and interest applies where reassessment or rectification arises from the retrospective operation of section 40A(7) and the short payment of advance tax is attributable to deduction of a provision for gratuity; Instruction No.849 para 5(b) is extended to assessment years 1973-74 and 1974-75 and officers are directed to apply this guidance in relevant assessments.
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