2001 (12) TMI 58

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... December 30, 1992, the assessee filed it," return for the assessment year 1992-93. It declared an income of Rs.1,16,99,320. The assessee had submitted a scheme of group gratuity to the Commissioner of Income-tax, Patiala. The scheme was approved by the Commissioner vide his letter dated April 23/24 of 1992. The scheme was made effective from February 1, 1992. The assessee paid an amount of Rs.15 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... November 28, 2000, passed by the Tribunal, the Revenue has filed the present appeal. The solitary contention raised by Mr. R.P. Sawhney, counsel for the Revenue, is that in view of the provisions of section 43B(b), the Tribunal has erred in allowing the deduction. Is it so? Admittedly, the assessee had issued the cheque on March 31, 1992. In pursuance of the cheque, the Life Insurance Corpora....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uld lead to injustice and an unfair result. The provision contained in the second proviso to section 43B is only calculated to ensure that the deduction shall be admissible if the payment has been made "within 15 days from the due date." The Corporation had accepted the cheque issued by the assessee on March 31, 1992. For reasons which are not on record, the entry regarding the encashment of the c....