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of <h1>Bank's PF contribution not deductible under IT Act but may qualify as allowable expense. Tribunal to assess compliance.</h1> <h3>Commissioner Of Income-Tax, Lucknow Versus Allahabad District Co-operative Bank Limited</h3> Commissioner Of Income-Tax, Lucknow Versus Allahabad District Co-operative Bank Limited - [1979] 116 ITR 895, 1978 CTR 253 The High Court of Allahabad held that the bank's contribution to the employees' provident fund was not allowable as a deduction under section 36(1)(iv) of the Income Tax Act, but it could be considered as an allowable expenditure under section 37(1) if certain statutory requirements were met. The Tribunal was directed to provide findings on whether the statutory requirements regarding the provident fund were fulfilled by the bank.
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