https://www.taxtmi.com/caselaws?id=6207 Section 58K of the Income-tax Act, 1922 applied only where an employer transferred a provident fund to trustees in trust for that employer's own participating employees; because the statutory provident fund covered employees of multiple employers, that requirement was not met and section 58K did not apply. The amount transferred had been actually paid out in the relevant accounting year, had gone irretrievably out of the assessee's hands, and was incurred exclusively for business purposes. It was therefore allowable as a deduction in computing business profits under section 10(1) and section 10(2)(xv), and section 10(4)(c) did not bar the claim on the facts found. en-us Thu, 30 Apr 1970 00:00:00 +0530 Sat, 07 May 2016 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6207 Section 58K of the Income-tax Act, 1922 applied only where an employer transferred a provident fund to trustees in trust for that employer's own participating employees; because the statutory provident fund covered employees of multiple employers, that requirement was not met and section 58K did not apply. The amount transferred had been actually paid out in the relevant accounting year, had gone irretrievably out of the assessee's hands, and was incurred exclusively for business purposes. It was therefore allowable as a deduction in computing business profits under section 10(1) and section 10(2)(xv), and section 10(4)(c) did not bar the claim on the facts found. Case-Laws Income Tax Thu, 30 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6207