Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (2) TMI 717 - AT - Income TaxRegarding disallowance of gratuity - AO noted that assessee company has made a provision of gratuity of Rs. 15,23,120. AO observed that gratuity fund has not been approved by the prescribed authority - Supreme Court of India in the case of Bharat Earth Movers vs. CIT (22000 -TMI - 5816 - SUPREME Court), wherein the apex Court has held that if a business liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged on a future date Regarding depreciation - assessee has not produced the necessary evidences pertaining to acquisition of the assets before the AO - assessee's counsel before learned CIT(A) has himself submitted that some of the assets were used for less than 180 days - Appeal is partly allowed for statistical purpose
|