TaxTMI 
TaxTMI 
2002 (2) TMI 41
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.... "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in allowing the deduction of Rs.55,84,754 being the payment made by the assessee-company directly to the LIC towards group gratuity fund under section 36(1)(v) of the Income-tax Act, 1961?" It seems that the assessee-company had made this payment to the Life Insurance Corporation of India (in short "LIC....
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.... Rs.50 lakhs as also the premium of Rs.5,57,943 was paid on behalf of the assessee and was credited to the Group Gratuity Life Assurance Scheme on behalf of the assessee-company's group gratuity fund only. This is what the Commissioner of Income-tax (Appeals) has recorded in his order. "In other words, the insurance policy had been taken in the name of the approved gratuity fund only and this f....
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....de directly to the LIC, the section was violated would be making violence to the language of the section and in the process losing the real intent on the part of the Legislature. Ultimately, the Commissioner of Income-tax (Appeals) has specifically recorded as follows: "Even the Assessing Officer does not appear to deny that the contribution in the instant case amounting to Rs.55,84,754 is positi....