https://www.taxtmi.com/caselaws?id=753235 ITAT Kolkata allowed the assessee's claim for deduction of contributions to LIC Group Gratuity Scheme under section 37(1). The assessee had applied for gratuity fund approval in 2002 and entered into LIC agreement effective from 2002, but approval was delayed until 2023 without fault of the assessee. The Tribunal noted that employees received gratuity payments from LIC during the period, similar claims were allowed in previous years, and Rule 5 of 4th Schedule treats gratuity as salary which is allowable under section 37(1). The Tribunal applied principles of reasonable construction, holding the assessee should not suffer due to departmental delays in processing approval. en-us Mon, 08 Jan 2024 00:00:00 +0530 Wed, 29 May 2024 08:31:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753235 ITAT Kolkata allowed the assessee's claim for deduction of contributions to LIC Group Gratuity Scheme under section 37(1). The assessee had applied for gratuity fund approval in 2002 and entered into LIC agreement effective from 2002, but approval was delayed until 2023 without fault of the assessee. The Tribunal noted that employees received gratuity payments from LIC during the period, similar claims were allowed in previous years, and Rule 5 of 4th Schedule treats gratuity as salary which is allowable under section 37(1). The Tribunal applied principles of reasonable construction, holding the assessee should not suffer due to departmental delays in processing approval. Case-Laws Income Tax Mon, 08 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753235