1992 (9) TMI 50 - HC - Income Tax

Summary

The High Court of Gujarat ruled that the assessee was not entitled to a deduction for actuarially valued gratuity liability under the Income-tax Act, 1961. The Tribunal had allowed the deduction, but the Supreme Court clarified that gratuity could only be deducted under specific conditions in section 40A(7). Therefore, the deduction was disallowed for the assessee.