9911796707
TMI Blog1990 (8) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... ne 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 that the valuation of unquoted shares of M/s. Krishna M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Department has, in addition to referring to the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 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 impressed by the distinction made. Provision for gratuity b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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