1998 (8) TMI 32 - HC - Income Tax

Summary

The High Court of Madras ruled that the Tribunal erred in allowing the assessee's claim for deduction of Rs.61,228 for gratuity to employees for the assessment year 1974-75. The court found that the Tribunal made mistakes in calculating the incremental liability and actuarial valuation, leading to an incorrect decision in favor of the assessee. The judgment favored the Revenue and went against the assessee.