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The HC ruled in favor of the assessee regarding deductions under Section 40A(7)(b) for contributions made to an approved gratuity fund with LIC. The Court determined that Section 40A(7) overrides Section 43B when stipulations under clauses (a) and (b) are satisfied. Documentation established that the assessee's payments were made to a properly approved LIC gratuity fund, as evidenced by the original trust deed effective from 1.1.1978 and approved by the CIT on 23.05.1979. A significant variation approved on 15.3.1988 extended coverage to subsidiaries/associates of Chemicals and Plastics Limited, effectively bringing the assessee under the approved fund's protection. The Department had previously accepted identical documentation and granted similar claims for both previous and subsequent assessment years.
The HC ruled in favor of the assessee regarding deductions under Section 40A(7)(b) for contributions made to an approved gratuity fund with LIC. The Court determined that Section 40A(7) overrides Section 43B when stipulations under clauses (a) and (b) are satisfied. Documentation established that the assessee's payments were made to a properly approved LIC gratuity fund, as evidenced by the original trust deed effective from 1.1.1978 and approved by the CIT on 23.05.1979. A significant variation approved on 15.3.1988 extended coverage to subsidiaries/associates of Chemicals and Plastics Limited, effectively bringing the assessee under the approved fund's protection. The Department had previously accepted identical documentation and granted similar claims for both previous and subsequent assessment years.
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