Deduction allowable on Payment towards LIC Group Gratuity Scheme: ITAT grants relief to Andaman & Nicobar State Corporation Bank [Read Order]

By Taxscan Team - On March 15, 2022 4:05 pm - 2 mins read
Deduction - Payment - LIC Group Gratuity Scheme - ITAT - Andaman & Nicobar State Corporation Bank - Corporation bank - bank - Taxscan

In a major relief to Andaman & Nicobar State Corporation Bank, the Income Tax Appellate Tribunal, Kolkata bench has held that deduction is allowable on the payment towards LIC Group Gratuity Scheme under section 37 of the Income Tax Act, 1961. The assessee,  Andaman & Nicobar State Corporation Bank is a State Cooperative Bank returned…

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