Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
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The ITAT Kolkata addressed the disallowance of contribution to LIC Group Gratuity Scheme u/s. 36(1)(v) and the alternative claim u/s. 37(1). The Tribunal noted the delay in approval of the gratuity fund application by the assessee, despite fulfilling requirements since 2002. The approval was eventually granted in 2023, with retrospective effect. The Tribunal considered Rule 5 of Part C of the 4th Schedule, treating gratuity fund as salary for the employee, and applied the principle of reasonable construction to allow the deduction u/s. 37(1) based on prior approvals and compliance efforts. The Tribunal allowed the assessee's claim, emphasizing adherence to statutory provisions and past approvals.
The ITAT Kolkata addressed the disallowance of contribution to LIC Group Gratuity Scheme u/s. 36(1)(v) and the alternative claim u/s. 37(1). The Tribunal noted the delay in approval of the gratuity fund application by the assessee, despite fulfilling requirements since 2002. The approval was eventually granted in 2023, with retrospective effect. The Tribunal considered Rule 5 of Part C of the 4th Schedule, treating gratuity fund as salary for the employee, and applied the principle of reasonable construction to allow the deduction u/s. 37(1) based on prior approvals and compliance efforts. The Tribunal allowed the assessee's claim, emphasizing adherence to statutory provisions and past approvals.
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