Assessee's Contribution to Group Gratuity Fund Approved; No Penalty for Revenue Authorities' Inaction u/s 36(1)(v.

The assessee should not suffer for inaction of the revenue authorities. As now the Commissioner of Income Tax has approved the fund, the contribution made by the assessee towards group gratuity fund is allowable u/s. 36(1)(v) of the Act. .....

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