1990 (9) TMI 64

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..... l has stated the following question under section 256(1) of the Income-tax Act, 1961: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in allowing deduction of Rs. 1,50,729 being gratuity liability, though the amount was not settled under an irrevocable trust ?" From the order of the Tribunal, it appears that though no trust has been crea .....

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..... n done later. The assessee in this case is maintaining his accounts according to the mercantile system. In the circumstances, the Tribunal was right in holding that the said amount has to be given deduction under section 37 of the Act. In the circumstances, the question referred is answered in the affirmative and against the assessee. No costs.    
Case laws, Decisions, Judgements .....

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