1979 (4) TMI 91

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....account during the accounting year relevant for the asst. yr. 1974-75. The ITO, however, took the view that the deduction admissible for this year amounted to Rs. 6,42,171, namely the difference between the liability as on 31st Dec., 1973 amounting to Rs. 43,56,274 and the liability as on 31st Dec., 1974 already indicated above. As against this the company had actually contributed Rs. 4,03,626 into the approved gratuity fund. He therefore allowed this sum under s. 40A(7)(b)(i) of the Act. s. 407(b)(ii) refers to the provision other than what is covered under the other clause mentioned earlier. This refers to the initial contribution and it was considered in the year 1974-75. Hence it cannot be considered again. He also made a note that in t....

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....73 asst. yr.) Rs. 1,20,347 31st Dec., 1972 (1973-74 asst. yr.) Rs. 3,63,683 31st Dec., 1973 (1974-75 asst. yr.) Rs. 4,03,626 Incidentally, it was submitted that the amount allowed by the ITO is the amount attributable to 1974-75 and which has been wrongly taken as attributable to this asst. yr. The balance of Rs. 14,68,618 has been provided for in the accounts for this year. Originally a sum of Rs. 6. lakhs was provided in the accounts on an adhoc basis prior to acturial valuation. He also submitted that the Tribunal has set aside the orders relating to this point back to the ITO in ITA Nos. 2058 and 2059/75-76, Cochin Bench, Camp: Coimbatore dt. 20th Oct., 1978. Since the earlier years' matter is still open, the ld. counsel finall....