1988 (6) TMI 14

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..... II, two questions of law have been referred to this court under section 256(1) of the Income-tax Act, 1961, for the assessment year 1972-73': " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the liability of the assessee to pay gratuity to its employees, though at a future point of time, on the happening of any of the contingencies specifie .....

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..... g to actuarial principles was allowable as a deduction in the computation of the assessee's business income of the relevant previous year, when in the accounts of that year the assessee had provided a sum of Rs. 1,47,167 only for meeting such liability ?" In view of the decision of this court in the case of CIT v. Eastern Spinning Mills Ltd. [1980] 126 ITR 686, both the questions in this referenc .....

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