TaxTMI 
TaxTMI 
1990 (8) TMI 85
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....tax return declaring her net wealth at Rs. 5,76,500 on June 26, 1976. The Wealth-tax Officer found her wealth to be more than the returned wealth and issued a demand notice in the sum of Rs. 7,295. Against the said order, the assessee went up in appeal which was dismissed on June 21, 1979. The matter was, thereafter, brought to the Income-tax Appellate Tribunal. The point raised in the appeal was....
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....reported decision given in D. B. Wealth-tax Reference No. 26 of 1980 (Seth Mukund Das Rathi v. CWT-decided on July 3, 1990, since reported in [1991] 188 ITR 518), and submitted that the controversy involved in the present case is covered by the said judgment. In that judgment, a Division Bench had held that gratuity was a contingent liability and that it was not deductible. Learned counsel for th....
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....iability and, therefore, the provision made for payment of the same was deductible. He urged that Standard Mills Co. Ltd. v. CWT [1967] 63 ITR 470 (SC) relied on by the Division Bench in the reference made above was distinguishable. The line of distinction drawn by learned counsel was that the case of a company has to be treated differently from that of an individual assessee. We are not impresse....