P. Sathrughan Pillai Vs. Commissioner of Wealth-tax - Court Judgment

Excerpt:
.....under state gratuity act--not deductible. held : the liability for payment of gratuity to employees in terms of the kerala industrial employees (payment of gratuity) act, 1970, is not deductible as a debt owing on the valuation date. there is no reason to doubt the correctness of the decision in standard mills co. ltd. v. cwt (1967) 63 itr 470 (sc) which has held the field for about 25 years and has also been reaffirmed in the subsequent decision of this court. application : also to current assessment years. wealth tax act 1957 s.2(m) - - the appeals, therefore, fail and stand dismissed......owing on the valuation date. the high court has applied the decision of this court in the case of standard mills co. ltd. v. cwt : [1967]63itr470(sc) sc, the principle of which was reiterated; in bombay dyeing and . v. cwt : [1974]93itr603(sc) (sc). learned counsel for the appellants seeks to persuade us to reconsider the decision in the case of standard mills co. ltd. : [1967]63itr470(sc) . apart from the fact that we see no reasons to doubt the correctness of this decision which has held the field for about 25 years and has also been reaffirmed in the subsequent decision of this court, we are also informed that the stakes involved in the present appeals are only a few hundred rupees each. in these circumstances, we do not think that there is any justification to think of reconsidering.....