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Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... fund after the end of the relevant previous year but before filing of the return of total income.he submits that section 43b, inter alia, provides that notwithstanding anything contained in any other provision of the act a deduction otherwise allowable in respect of any sum payable by the assessee as an employer by way of contribution to a gratuity fund shall be allowed (irrespective of the previous year in which the liability to pay ..... (i) the contribution to the employees gratuity fund was required to be made by the assessee as an employer and hence the case of the assessee would fall under section 36(1)(v) r/w section 43b(b) of the it act; (ii) the liability of the employer to pay the impugned sum arose, according to the assessee, upon actuarial valuation carried out after the end of the financial year; and (iii) the amount of contribution ..... this computation if made as per law, being loss which is eligible for carry forward and set off against the capital gains of subsequent years by virtue of section 74(1) of the act, the assessee has ignored the excess indexed cost of assets over the full value of consideration and shown as the income from capital gains as nil which is not in conformity with law. ..... that the issue is covered against the assessee by the decision of a special bench of this tribunal in petroleum india international v. dy. ..... shows that there were internal projections indicating downward trend in the revenues in this segment of activity due to technology obsolescence. .....