1996 (3) TMI 14

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....9 and 1979-80 and covered by these two references. The common question for answer is as follows : "Whether, on the facts and circumstances of the case, the Appellate Tribunal is right in law in holding that the assessee is entitled to deduction in respect of the interest payment made by it on the amount drawn by it from the gratuity fund?" Obviously, it relates to deduction in respect of the....

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.... and in regard thereto there would not be any lien or charge on the said gratuity fund. The other aspect of the situation is dealt with by the provisions of rule 7 referred to above relating to the contributions by the employer and the circumstances under which the said contributions are to be understood as income of the employer. The provision enacts that where such contributions are repaid to th....