https://www.taxtmi.com/caselaws?id=20628 The High Court of Allahabad ruled against the assessee's claim for a deduction of Rs. 79,300 for contribution to an unapproved employees' gratuity fund for the assessment year 1974-75. The Court held that the fund's lack of approval by the Commissioner of Income-tax rendered the deduction impermissible under section 40A(7) introduced by the Finance Act, 1975. Citing the overriding effect of section 40A(7) on other provisions, the Court denied the deduction, emphasizing that the law applicable for an assessment year is as of the first day of that year. The Court directed the Commissioner to recover costs from the assessee and disseminate the judgment to relevant authorities. en-us Mon, 02 Nov 1992 00:00:00 +0530 Mon, 16 Nov 2009 12:06:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20628 The High Court of Allahabad ruled against the assessee's claim for a deduction of Rs. 79,300 for contribution to an unapproved employees' gratuity fund for the assessment year 1974-75. The Court held that the fund's lack of approval by the Commissioner of Income-tax rendered the deduction impermissible under section 40A(7) introduced by the Finance Act, 1975. Citing the overriding effect of section 40A(7) on other provisions, the Court denied the deduction, emphasizing that the law applicable for an assessment year is as of the first day of that year. The Court directed the Commissioner to recover costs from the assessee and disseminate the judgment to relevant authorities. Case-Laws Income Tax Mon, 02 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20628