Contribution made Towards fund is Business Expenditure, Allowable u/s 37(1) of Income Tax Act even if fund was Unapproved by Income Tax Department: ITAT Allows Gratuity Premium Towards LIC [Read Order]

By Fathima Karama A.M - On October 12, 2023 9:30 am - 2 mins read
Contribution - Towards fund - Business Expenditure - Allowable - Income Tax Act - Unapproved - Income Tax Department - ITAT - Allows - Gratuity Premium - Towards LIC - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has allowed the gratuity premium paid towards the Life Insurance Corporation (LIC) holding that the contribution made towards fund is business expenditure allowable under Section 37 of the Income Tax Act even if the fund was unapproved by the Income Tax Department. The assessee, Grand Polycoats…

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