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2002 (2) TMI 41 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in allowing the deduction of Rs.55,84,754 being the payment made by the assessee-company directly to the LIC towards group gratuity fund under section 36(1)(v) of the Income-tax Act, 1961?" - In our opinion, the Commissioner of Income-tax (Appeals) as well as the Tribunal have correctly held that merely because the payments were made directly to the LIC, the company could not be denied the benefit under section 36(1)(v) and the amount had to be credited in favour of the assessee. Both the Commissioner (Appeals) as well as the Tribunal have correctly read the law and have correctly relied upon the aforementioned Supreme Court judgment. In our opinion, since the finding of fact is that all the payments made were only towards the group gratuity fund, there would be no question of finding otherwise. Therefore, it will have to be answered that the Tribunal was right in allowing the deduction of Rs.55,84,754 being the payment made by the assessee-company directly to the LIC towards the group gratuity fund under section 36(1)(v)
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