1996 (3) TMI 32 - HC - Income Tax

Summary

The High Court of Madras held that the Appellate Tribunal was right in allowing a claim of Rs. 66,482 for gratuity liability but rejected the claim for development rebate of Rs. 14,40,468. The Tribunal found no provision made in the accounts for gratuity liability, making the deduction allowable only when payment is made to an approved fund. The development rebate claim for the assessment year 1974-75 was not allowed as it had been granted earlier for a different assessment year.