Dismissing the appeal of the revenue, the Tribunal held that; Actual payments made to Group Gratuity Scheme are allowable as deduction even though the same is not approved by the CIT. Followed District Co-operative Central Bank, Eluru (ITA no. 49 & 50/Viz/2012). (AY.2013-14, 2014-15)
ACIT v. Guntur District Co-operative Bank Ltd (2018) 66 ITR 61 (SN) (Vishakha) (Trib.)
S. 37(1) : Business expenditure –Actual payments made to Group Gratuity Scheme are allowable as deduction even though the same is not approved by the CIT. [S. 36(1)(v)]