1982 (7) TMI 40

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....is reference under s. 256(1) of the I.T. Act, 1961 (hereinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following questions of law to this court for its opinion : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal in law was justified in disallowing the assessee-company's claim for gratuity amounting to R....

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....al before the AAC. The AAC held that as the conditions prescribed by s. 40A(7) of the Act were admittedly not complied with, the claim for deduction of Rs. 10,03,920 was rightly disallowed by the ITO. The objection raised by the assessee to the charging of interest under s. 215 of the Act was not entertained on the ground that no appeal was competent in that behalf. In this view of the matter, the....

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....72, and that it was made on the basis of an actuarial valuation, which comprised a sum of Rs. 9,05,907 on account of provision for gratuity up to June 30, 1971, and a sum of Rs. 98,013 on account of gratuity payable up to June 30, 1972, and that the provisions of s. 40A(7) of the Act were not attracted by virtue of cl. (b)(i) of s. 40A(7) of the Act. It was urged that in so far as the provision fo....

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....held because that Act came into force on 16th September, 1972, that is, subsequent to 30th June, 1972, when the previous year of the assessee in respect of the assessment year 1973-74 had ended. It could not, therefore, be held in the case of the assessee that the liability of the assessee, if any, under the provisions of the Payment of Gratuity Act, 1972, had arisen in the assessment year 1973-74....