Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC M/s Sanmar Speciality Chemicals Limited v. The Assistant Commissioner of Income-Tax Case Number: T.C.(A).No.493 of 2013 Facts: 1. A provision made towards gratuity fund with the Life Insurance Corporation of India (LIC). The assessing officer (AO) noted that the…
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