1992 (3) TMI 62

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....bility for payment of gratuity to employees in terms of the Kerala Industrial Employees (Payment of Gratuity) Act, 1970, is deductible as a debt owing on the valuation date. The High Court has applied the decision of this court in the case of Standard Mills Co. Ltd. v. CWT. [1967] 63 ITR 470 SC, the principle of which was reiterated in Bombay Dyeing and Manufacturing Co. Ltd. v. CWT. [1974] 93 ITR....