COMMISSIONER OF INCOMETAX Vs. MATEL BOX INDIA LTD

JUDGEMENT

(1.) THE following question of law has been referred to this Court by the Tribunal under S. 256 (2) of the IT Act, 1961 ('the Act'): "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the sum of Rs. 8,47,929 disallowed by the ITO on account of provisions for gratuity?"

(2.) THE reference relates to the asst. yr. 1971-72., for which the relevant period of account is the period ending on 31st March, 1971.

(3.) IN this case, the ITO passed a consequential order giving effect to the order of the CIT passed under S. 263 and out of the order passed by the ITO, the matter came up in appeal before the Tribunal and the Tribunal by its order disallowed the sum of Rs. 8,47,929.