https://www.taxtmi.com/caselaws?id=60680 The Tribunal disallowed the deduction of gratuity based on actuarial valuation under section 37(1) of the Income-tax Act, citing non-compliance with section 40A(7). The claim for deduction of liquidated damages was rejected due to the liability not being accepted or provided for in accounts, with a directive for re-examination by the ITO. Relief under section 80J was to be recomputed following a Supreme Court decision. The dissenting Judicial Member stressed the necessity of ascertained liabilities for deductions and cautioned against arbitrary remands. The appeal was partly allowed, with further examination and recomputation ordered. en-us Mon, 31 Mar 1986 00:00:00 +0530 Fri, 07 Jan 2011 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60680 The Tribunal disallowed the deduction of gratuity based on actuarial valuation under section 37(1) of the Income-tax Act, citing non-compliance with section 40A(7). The claim for deduction of liquidated damages was rejected due to the liability not being accepted or provided for in accounts, with a directive for re-examination by the ITO. Relief under section 80J was to be recomputed following a Supreme Court decision. The dissenting Judicial Member stressed the necessity of ascertained liabilities for deductions and cautioned against arbitrary remands. The appeal was partly allowed, with further examination and recomputation ordered. Case-Laws Income Tax Mon, 31 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60680