ITA No. 1507/KOL/2024 (A.Y. 2015-2016) ICI India Limited Employees Gratuity Fund & ITA No. 1508/KOL/2024 (A.Y. 2015-2016) ICI India Management Staff Gratuity Fund

Parties Involved

Facts Summary

The two appeals were filed by ICI India Limited Employees Gratuity Fund and ICI India Management Staff Gratuity Fund against the orders passed by the Commissioner of Income Tax (Appeals). The assessees claimed exemption under section 10(25)(iv) of the Income-tax Act, 1961, which was denied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). The assessees argued that they were approved gratuity funds and their income was exempt from tax. The Assessing Officer and the Commissioner of Income Tax (Appeals) dismissed the appeals for want of prosecution and denied the exemption on the grounds that the assessees did not file exemption certificates and did not respond to the notices. The assessees applied to adduce additional evidence to support their claims.…

Legal Issues

• 1. Whether the exemption claimed by the assessees under section 10(25)(iv) of the Income-tax Act, 1961 was rightly denied?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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