https://www.taxtmi.com/caselaws?id=38173 Actuarial gratuity liability under the mercantile system was treated as an accrued commercial liability, ascertainable in praesenti though payable later, and therefore deductible in computing business profits. The absence of approval of the employees' gratuity fund under section 36(1)(v) did not, on the facts considered, prevent the claim from falling within section 37(1). The deduction of the discounted value of gratuity liability, together with contribution to the gratuity fund, was held admissible and the issues were answered in favour of the assessee. en-us Sat, 22 Apr 1978 00:00:00 +0530 Sat, 03 Apr 2010 15:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38173 Actuarial gratuity liability under the mercantile system was treated as an accrued commercial liability, ascertainable in praesenti though payable later, and therefore deductible in computing business profits. The absence of approval of the employees' gratuity fund under section 36(1)(v) did not, on the facts considered, prevent the claim from falling within section 37(1). The deduction of the discounted value of gratuity liability, together with contribution to the gratuity fund, was held admissible and the issues were answered in favour of the assessee. Case-Laws Income Tax Sat, 22 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38173