1996 (3) TMI 32

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....NIKKACHALAM J.---" 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in allowing the claim to the extent of Rs. 66,482 only out of Rs. 7,14,317 being a claim towards liability in accordance with actuarial valuation for the assessment year 1975-76 ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in rej....

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....tion (7) of section 40A, is only academic in this case. The Tribunal also noted that there is no irretrievable loss to the assessee on account of this finding because the amount is allowable as soon as the provision is made for payment to an approved gratuity fund in a later year or on actual payment under section 36(1)(v) of the Act. As far as the alternative ground is concerned, the Tribunal hel....

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....) of the Act, the assessee is entitled to deduction of the premium paid to cover the liability of the assessee towards gratuity to the extent of Rs. 66,482. For the balance of the amount, there is no evidence to show that provision was made or actually paid. Therefore, the Tribunal was correct in allowing deduction to the extent of Rs. 66,482. In so far as question No. 2 is concerned, that was ....