1993 (1) TMI 59

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....l under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue : "Whether, on the facts and in circumstances of the case, the assessee's claim for deduction of Rs. 70,545 being accrued liability for payment of gratuity (under the Payment of Gratuity Act, 1972, ascertained on actuarial valuation) but for which no provision was made in its accounts maintained on mercantile basis....

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....assessee however, stated that the matter may be remitted to the Tribunal to adjust its order on this issue as the amount of deduction has to be adjusted in the light of certain observations made by the Supreme Court in the said decision. Learned counsel for the Revenue has no objection to the submission made on behalf of the assessee. We would, therefore, remit this issue to the file of the Incom....