Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 192 - ITAT VISAKHAPATNAMActual payment u/s 37(1) - expenditure towards premium paid to LIC under ‘Group Gratuity Scheme’ - Held that:- We hold that the actual payment made to Group Gratuity Fund of LIC needs to be allowed as deduction. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the appeal of the revenue. For the assessment year 2014-15, apart from payment of LIC Group Gratuity, there is one more issue on the addition of provision for standard assets. The assessee has debited an amount of ₹ 37 lakhs towards standard assets. The AO disallowed the same u/s 37(1) since the provision for standard assets is not an allowable deduction. Provision for standard assets is not an allowable deduction and we set a side the order of the Ld.CIT(A) and restore the order of the Ld.AO. The appeal of the revenue is allowed on this ground.
|