Sub section 7 was introduced by the Finance Act, 1975, with retrospective effect from April 1, 1973.
In other words, Sub section 7 applies on and from the assessment year 1973 74.
36,831 on account of the provision made by it for payment of gratuity to its employees for the accounting year relevant to the assessment year 1972 73.
By the said application, the Revenue asked the companyrt to direct the Tribunal to state the following two questions for the opinion of the High Court Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that, in companyputing the assessees income for the year 1972 73, the provision for gratuity of Rs.
P. Jeevan Reddy, J. This appeal is preferred by the Revenue against an order of the High Court of Bombay rejecting an application under Section 256 2 of the Income tax Act, 1961.
