Supreme Court · 1986 INSC 104 · Decided 2 May 1986
Commissioner of Income -Tax, Bombay v. Vanaz Engineering (P) LTD., Bombay
- Court
- Supreme Court of India
- Citation
- 1986 INSC 104 · [1986] 2 S.C.R. 951
- Case number
- CIVIL APPEAL No. 4253/1983
- Decided
- 2 May 1986
- Bench
- R.S. PATHAK, R.B. MISRA, G.L. OZA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 22, 29, 40A(7)(b)(ii)
Headnote
~ Income Tax Act, 1961, Sections 22, 29 and 40A(7)(b)(ii) - Gratuity - Scheme introduced for first time in assessee firm in 1970 - On basis of Actuarial Report total liability as on December 31, 1970 debited to Profit and Loss Account - Assessment proceedings - Income Tax Officer disallowing and Tribunal allowing that liability - Appeal by Revenue to Supreme Court - Whether assessee entitled to deduction of entire amount - Held question arises - Matter remanded to High Court for fresh consideration. The respondent-firm (assessee) had no gratuity scheme for the years preceding
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