2017 (5) TMI 1550

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....ding counsel for the appellant. JUDGMENT Ajay Kumar Mittal : The appellant-revenue has filed the instant appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 28.10.2016, Annexure A.III, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, "the Tribunal") in I.T.A. No.518(Asr)/2014 for the assessment year 2010-11, c....

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....it of Rs. 28,74,558/- under the head 'sundry payable account' which included a sum of Rs. 14,94,648/- on account of 'gratuity payable'. It was found that the gratuity fund of the assessee was not approved fund within the meaning of Section 40A(7) and Schedule-IV of the Act. In view of the unapproved status of the assessee is Gratuity fund the amount of Rs. 14,94,648/- of 'Gratuity payable' was add....

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.... gratuity payable amounting to Rs. 14,94,648/- had been created in the assessment year 2008-09 and the same had been added back in the computation for the said assessment year. It was further observed that the current balance was only a brought forward balance and no such provision had been created during the year under consideration which meant that no such debit had been effected in the profit a....