Gratuity provision for employees who already retired is an ascertained liability – HC

Brief of the Case :  Calcutta High Court held In the case of CIT vs. M/s Kamarhatty Company Ltd. that the views expressed by the tribunal are as per law. Assessee has made the gratuity provision in respect of employees who have already retired. Therefore, the liability is ascertained liability which has already accrued. Accordingly, the deletion of addition made vide clause(c) of Explanation to sec.115-JB is proper. Facts of the Case The following questions raised in the appeal: Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was justified in holdi...