https://www.taxtmi.com/caselaws?id=29435 An accrued gratuity liability that is contingent only in form is deductible when it has sufficiently arisen during the year and can be valued on recognised actuarial and commercial principles; on the facts, the increment in present value was allowable. Guarantee commission paid to directors and shareholders for standing personal security to secure bank accommodation was also deductible because it was incurred for genuine business needs and satisfied the statutory limits on remuneration-related expenditure; the view that the relevant clauses were mutually exclusive was accepted, leaving the remaining question academic. en-us Tue, 25 Aug 1981 00:00:00 +0530 Fri, 12 Mar 2010 17:36:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29435 An accrued gratuity liability that is contingent only in form is deductible when it has sufficiently arisen during the year and can be valued on recognised actuarial and commercial principles; on the facts, the increment in present value was allowable. Guarantee commission paid to directors and shareholders for standing personal security to secure bank accommodation was also deductible because it was incurred for genuine business needs and satisfied the statutory limits on remuneration-related expenditure; the view that the relevant clauses were mutually exclusive was accepted, leaving the remaining question academic. Case-Laws Income Tax Tue, 25 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29435