Assessee is entitled to deduction for payment of gratuity to LIC

District Co-operative Central Bank Vs. ITO (ITAT Visakhapatnam) In the case of Verizon Data Services India Pvt. Ltd. (supra) the coordinate bench of Madras held that payment made to gratuity fund maintained with LIC has no control over the irrevocable trust created exclusively for the benefit of employees and deduction shall be allowed. The coordinate bench of Madras while deciding the appeal relied on the decision of Hon’ble Madras High court in the case of Textool India Pvt. Limited (supra) (civil appeal No. 447 of 2003). In the instant case the assessee has made the payments to the LIC to...