ITAT Deletes Addition Because Gratuity Payments Exceeded Interest Income

Moran Tea Company (India) Ltd. Vs ITO (ITAT Kolkata) In Moran Tea Company (India) Ltd. Vs ITO, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition made against the assessee’s employees gratuity fund for Assessment Year 2017-18. The Assessing Officer had denied exemption under Section 10(25)(iv) of the Income Tax Act on the ground that the assessee could not produce the necessary certificate showing approval of the gratuity fund. Income Tax Appellate Tribunal The assessee submitted that, for the immediately preceding assessment year 2016-17, the Coordinate Bench ...