https://www.taxtmi.com/caselaws?id=12301 The High Court held that the contribution to the approved gratuity fund constituted business expenditure, allowable under section 36(1)(v) or section 37 of the Income-tax Act, 1961. The Court rejected the Revenue's argument that the last drawn salary throughout the year should determine the ceiling limit under rule 103, emphasizing that the actual payment to the fund should be considered a business expenditure. Consequently, the Court ruled in favor of the assessee on the eligibility for deduction of gratuity, disposing of the tax case accordingly. en-us Tue, 16 Jul 2002 00:00:00 +0530 Sun, 21 Feb 2010 06:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12301 The High Court held that the contribution to the approved gratuity fund constituted business expenditure, allowable under section 36(1)(v) or section 37 of the Income-tax Act, 1961. The Court rejected the Revenue's argument that the last drawn salary throughout the year should determine the ceiling limit under rule 103, emphasizing that the actual payment to the fund should be considered a business expenditure. Consequently, the Court ruled in favor of the assessee on the eligibility for deduction of gratuity, disposing of the tax case accordingly. Case-Laws Income Tax Tue, 16 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12301