https://www.taxtmi.com/caselaws?id=242431 The Appellate Tribunal ITAT Hyderabad partly allowed the appeal for the assessment year 2008-09, concerning the disallowance of gratuity expenditure. The Tribunal upheld that unapproved gratuity fund payments could be deducted under section 37 of the Income Tax Act, even if not approved under section 36(1)(v). The Tribunal set aside the order of the CIT(A) and allowed the ground of appeal of the assessee. Additionally, the Tribunal considered the levy of interest under section 234B as consequential and deemed the initiation of penalty proceedings under section 271(1)(c) premature, not requiring adjudication. en-us Fri, 31 May 2013 00:00:00 +0530 Wed, 15 Jan 2014 10:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242431 The Appellate Tribunal ITAT Hyderabad partly allowed the appeal for the assessment year 2008-09, concerning the disallowance of gratuity expenditure. The Tribunal upheld that unapproved gratuity fund payments could be deducted under section 37 of the Income Tax Act, even if not approved under section 36(1)(v). The Tribunal set aside the order of the CIT(A) and allowed the ground of appeal of the assessee. Additionally, the Tribunal considered the levy of interest under section 234B as consequential and deemed the initiation of penalty proceedings under section 271(1)(c) premature, not requiring adjudication. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242431