Gratuity Paid to Employee Classified as Salary, Deemed Expense allowable u/s 37(1) of Income Tax Act: ITAT [Read Order]
If gratuity was disbursed to an employee during his lifetime, it shall be regarded as a deemed allowable expense categorized under Section 37(1) of the Income Tax Act, 1961.
In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) highlighted that the gratuity paid to an employee is classified as salary, hence deemed an allowable expense under Section 37(1) of the Income Tax Act, 1961. In the case at hand, the assessee was involved in the business of…
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