https://www.taxtmi.com/caselaws?id=397528 The Tribunal allowed the appeal of the assessee, holding that the payment made to the LIC Group Gratuity Scheme was deductible as a business expenditure under Section 37(1) of the Income Tax Act. The Tribunal also quashed the Principal Commissioner of Income Tax's order under Section 263, deeming it an unjustified exercise of revisionary powers, as the original assessment by the Assessing Officer was found to be correct and not prejudicial to revenue interests. en-us Tue, 18 Aug 2020 00:00:00 +0530 Thu, 20 Aug 2020 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397528 The Tribunal allowed the appeal of the assessee, holding that the payment made to the LIC Group Gratuity Scheme was deductible as a business expenditure under Section 37(1) of the Income Tax Act. The Tribunal also quashed the Principal Commissioner of Income Tax's order under Section 263, deeming it an unjustified exercise of revisionary powers, as the original assessment by the Assessing Officer was found to be correct and not prejudicial to revenue interests. Case-Laws Income Tax Tue, 18 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397528