1998 (1) TMI 32

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....ases (references) are at the instance of the Revenue. The common question of law, as below is submitted by the Tribunal under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), for this court's opinion : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal's view that the amounts paid to the Life Insurance Corporation of India under the group gratui....

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....s. 11,78,758 in instalments over a period of years. The Appellate Tribunal found that since there was no provision in the accounts and since no fund was created by the assessee, the provisions of section 40A(7) were inapplicable. The Appellate Tribunal also found that the insurance policy to cover a liability which the assessee had under the Payment of Gratuity Act only resulted in an expenditu....

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....f argument, our attention had been drawn to the catena of decisions of superior courts of jurisdiction, the apex court and other High Courts. We rather feel that it is unnecessary to refer to all the precedents relied upon by either side, except the one decision emerging from the apex court, in the case of Shree Sajjan Mills Ltd. v. CIT [1985] 156 ITR 585, inasmuch as the issue involved in the que....