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2016 (11) TMI 794 - RAJASTHAN HIGH COURT

2016 (11) TMI 794 - RAJASTHAN HIGH COURT - [2016] 388 ITR 228 - Allowance of deduction u/s 36(1)(v) - allowance of Gratuity Scheme - Held that:- Assessee is sponsored by UCO Bank, a Government of India Undertaking and duly complied with the conditions laid down for approval under section 36(1)(v). At least the Assessing Officer when this factum was brought to his notice that the assessee has filed copy of the trust-deed, application to the competent authority on September 4, 2000 then even the s .....

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e Insurance Corporation of India, and it is not the case of the Revenue that the assessee has not deposited money in terms of creation of the trust, therefore, in our view the Tribunal on such facts is well justified in holding that the claim is just, proper and allowable. A just and reasonable claim deserves to be allowed. We find that both the appellate authorities have found it allowable on the facts found and is essentially a finding of fact based on material and evidence on record. - D. B. .....

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common order. 2. The only question raised by the Revenue is about the claim allowed of the Gratuity Scheme created by the assessee and allowed under section 36(1)(v) of the Income-tax Act, 1961. 3. Brief facts noticed are that the respondent-assessee bank is a co-operative society doing banking business and prior to that was assessed as Jaipur Nagaur Anchalik Gramin Bank (sponsored by UCO Bank - a Government of India Undertaking). 4. The Assessing Officer, while examining the books of account a .....

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d under Part "C" of the Fourth Schedule to the Income-tax Act. The forwarding letter also contained creation of trust- deed and rules under the gratuity scheme passed by the Life Insurance Corporation of India, though it was claimed that it was submitted before the Commissioner who is the competent authority, however, since no formal order was passed by the competent authority, the Assessing Officer rejected the claim of the assessee. 5. The matter was assailed before the Commissioner .....

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ve plea and thus deleted the addition. 6. On an appeal by the Revenue also resulted into dismissal of the appeal, however, the Tribunal having gone into the merits found that the claim of the assessee is also allowable under section 36(1)(v) read with section 40A(9) of the Act. 7. Learned counsel for the appellant contended that it was mandatory on the part of the assessee to have an approval of the gratuity fund created under section 36(1)(v) and the Act envisages that any contribution made in .....

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rverse. He further contended that even the so-called application which is claimed by the assessee to have been moved on September 4, 2000, was not found on the records and thus contended that substantial question of law arise out of the order of the Tribunal. 8. We have heard learned counsel for the Revenue and perused the order impugned. At the outset we may mention that time was granted to the learned counsel for the Revenue to come out with the fact that no application was filed by the assess .....

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sioner of Income-tax, Special Range, Baba Sidhnath Bhawan, C-95, Janpath, Lal Kothi Scheme, Jaipur. Dear Sir, Re : Gratuity scheme to be approved under Part-C of the Fourth Schedule of the Income-tax Act. We request a reference to your letter on the subject cited above. In compliance to the telephonic conversation on the subject we deputed Mr. K. C. Gupta and Mrs. Ruchi Bhargava Officers to discuss on the subject. As desired we are appending below the necessary information for perusal and record .....

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es raised by the competent authority, two of the officers of the assessee company namely K. C. Gupta and Mrs. Ruchi Bhargava were deputed to discuss on the subject and this letter also contained some information sought by the competent authority. The claim of the learned counsel for the Revenue that the said letter was not received on September 4, 2000 but then admittedly we notice that there is a seal of the Joint Commissioner of Income-tax, Special Range-1st, Jaipur, with date of receipt being .....

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