deduction on account of liability for payment of gratuity based on actuarial valuation ?
2. Whether, on the facts and in the circumstances of the case ... first question relates to the deduction of gratuity liability made on actuarial basis. The ITO did not allow the deduction on the ground that there
basis of the surplus disclosed by the last actuarial valuation. That valuation was for the quinquennium ended on 31-12-1937 and it appears that ... amount of depreciation written off, be added back for computation of the actuarial surplus under E. 2 (b) ?
9. In order that the facts
gratuity to its employees of Rs. 57,643 on the basis of actuarial calculation supported by a certificate of an actuary. During the relevant assessment ... that liability in respect of gratuity was allowable on the basis of actuarial and scientific calculation. The Appellate Assistant Commissioner accepted the certificate
profits of the Fund have been ascertained by means of quinquennial actuarial valuations. In the valuation for the quinquennium ending on 31st December ... upon the average annual net profits disclosed by the last preceding quinquennial actuarial valuation with, possibly, some additions to which reference is unnecessary. In respect
company as on 31st December 1938 was made by its actuary and a deficiency of Rs. 55,641 was found on such valuation ... this deposit. On 27th November 1939, Mr. H. L. Humphreys, a practising actuary of Calcutta appointed to investigate and report on the affairs
taking the annual average of the total profits disclosed by the last actuarial valuation of the business and making certain additions thereto. The amendment ... surplus arrived at by adjusting the surplus or deficit disclosed by the actuarial valuation for the last inter-valuation period ending before the year
shown in the balance-sheet by Rs. 11,30,771. By actuarial valuation of the business of the assessee for the period ... accepted the increase in valuation of the immovable properties, in the triennial actuarial valuation made at the end of 1952 the enhancement was written back
entitled to the deduction of the provision of gratuity, if ascertained on actuarial principles, in computing the profit and gains of the assessee ... claim on the ground that the assessee had failed to produce any actuarial computation of its liability for the payment of gratuity. He, however, observed
Assurance Companies incorporated in British India whose profits are periodically ascertained by actuarial valuation, the income, profits and gains of the life assurance business shall ... that any deductions made from the gross income in arriving at the actuarial valuation which are not admissible for the purpose of income-tax assessment
alia, that the valuation of these liabilities for each year on an actuarial basis represents their present discounted value for each year. Such valuation based ... actuarial valuations, as in the present case, are direct and eligible liabilities of the company for each year. Hence, in order to arrive
