https://www.taxtmi.com/caselaws?id=21134 The High Court declared the reassessment for the assessment year 1974-75 as invalid, ruling in favor of the assessee. The reassessment disallowed a gratuity amount due to lack of an approved fund and exceeded the 8% ceiling of the wage bill based on an audit objection. The court held that the reassessment was improper as all relevant information was available during the original assessment, emphasizing the need for fresh information for reassessment. The interpretation of section 40A(7) regarding gratuity deduction was not conclusively addressed due to the focus on the reassessment's validity. en-us Wed, 13 Jan 1993 00:00:00 +0530 Fri, 20 Nov 2009 12:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21134 The High Court declared the reassessment for the assessment year 1974-75 as invalid, ruling in favor of the assessee. The reassessment disallowed a gratuity amount due to lack of an approved fund and exceeded the 8% ceiling of the wage bill based on an audit objection. The court held that the reassessment was improper as all relevant information was available during the original assessment, emphasizing the need for fresh information for reassessment. The interpretation of section 40A(7) regarding gratuity deduction was not conclusively addressed due to the focus on the reassessment's validity. Case-Laws Income Tax Wed, 13 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21134