https://www.taxtmi.com/caselaws?id=460092 The ITAT Jodhpur allowed the assessee's appeal regarding two additions. First, premium paid to LIC for Gratuity Fund was held deductible under Section 36(1)(v), following SC precedent in CIT vs. Textool Co Ltd, as the assessee had no control over the fund created exclusively for employee benefit. Second, fund set apart for security of managers' salaries in primary agricultural societies was allowed as deduction, following ITAT Jodhpur precedent in Barmer Central Cooperative Bank Ltd, since the fund was not managed by the assessee and represented expenditure rather than income appropriation. en-us Thu, 24 Apr 2014 00:00:00 +0530 Fri, 10 Jan 2025 20:17:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460092 The ITAT Jodhpur allowed the assessee's appeal regarding two additions. First, premium paid to LIC for Gratuity Fund was held deductible under Section 36(1)(v), following SC precedent in CIT vs. Textool Co Ltd, as the assessee had no control over the fund created exclusively for employee benefit. Second, fund set apart for security of managers' salaries in primary agricultural societies was allowed as deduction, following ITAT Jodhpur precedent in Barmer Central Cooperative Bank Ltd, since the fund was not managed by the assessee and represented expenditure rather than income appropriation. Case-Laws Income Tax Thu, 24 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460092