1992 (6) TMI 44

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..... late Authority with the following grounds: "1. That the learned CIT(A) erred in confirming the disallowance of premia Rs. 41,790. 2. That the disallowance of premia Rs. 41,790 could not and should not have been made under s. 40A(7). 3. That the orders of the authorities below are untenable in law and on facts." 2. The main issue involved in this appeal is whether the disallowance of premia .....

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..... d substance in these arguments and we allow the point in favour of the assessee and against the Department. There is another reason as to why the point is being allowed in favour of the assessee. The provisions of s. 40A(7) are applicable in respect of any provision made for gratuity, but the prohibition does not extend to payment of any gratuity which is allowable under sub-cl. (b) of s. 40A(7). .....

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