Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
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The High Court ruled that mere reflection of an entry in the balance sheet liability column cannot constitute an 'agreement' for payment of gratuity u/s 4(5) of the Payment of Gratuity Act. An underlying document or contract between the parties explicitly agreeing to pay gratuity is necessary. In the absence of such an agreement or contract, the stray entry made by the petitioners themselves in the company's balance sheet, days before selling their stake, cannot create a liability for gratuity payment. The petitioners' names were not included in the LIC gratuity insurance policy, and no evidence suggested previous directors received gratuity. Therefore, the petitioners' claim for gratuity amounting to Rs. 1.21 crores was untenable and rightly rejected by the authorities.
The High Court ruled that mere reflection of an entry in the balance sheet liability column cannot constitute an 'agreement' for payment of gratuity u/s 4(5) of the Payment of Gratuity Act. An underlying document or contract between the parties explicitly agreeing to pay gratuity is necessary. In the absence of such an agreement or contract, the stray entry made by the petitioners themselves in the company's balance sheet, days before selling their stake, cannot create a liability for gratuity payment. The petitioners' names were not included in the LIC gratuity insurance policy, and no evidence suggested previous directors received gratuity. Therefore, the petitioners' claim for gratuity amounting to Rs. 1.21 crores was untenable and rightly rejected by the authorities.
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