https://www.taxtmi.com/caselaws?id=332949 The ITAT allowed the appeals for the disallowance of payments made towards a Group Gratuity Scheme to LIC under Section 40A(7) for A.Y. 2008-09, 2009-10, and 2012-13. The ITAT held that once the revenue accepted the fund's status, denial based on non-approval was unjust, emphasizing the purpose of the provision and the benefit to employees. The decision underscored the importance of diligently pursuing approvals for statutory compliance and upheld the recognition of the employee benefit fund's status despite lack of approval, in line with previous judgments. en-us Tue, 16 Aug 2016 00:00:00 +0530 Fri, 30 Sep 2016 14:24:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332949 The ITAT allowed the appeals for the disallowance of payments made towards a Group Gratuity Scheme to LIC under Section 40A(7) for A.Y. 2008-09, 2009-10, and 2012-13. The ITAT held that once the revenue accepted the fund's status, denial based on non-approval was unjust, emphasizing the purpose of the provision and the benefit to employees. The decision underscored the importance of diligently pursuing approvals for statutory compliance and upheld the recognition of the employee benefit fund's status despite lack of approval, in line with previous judgments. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332949