https://www.taxtmi.com/caselaws?id=7339 Rule 14(1) of Part A of Schedule IV deems as capital expenditure only a voluntary transfer by an employer of a provident fund to trustees in trust for employees. A compulsory transfer made under the Employees' Provident Funds Act, 1952, and the scheme framed under it does not fall within that language, even if the fund vests statutorily and is administered by statutory trustees. The amount transferred under the statutory provident fund scheme was therefore not capital expenditure and remained deductible under section 37(1). The reference was answered in favour of the assessee. en-us Thu, 25 Jul 1968 00:00:00 +0530 Wed, 18 Feb 2009 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7339 Rule 14(1) of Part A of Schedule IV deems as capital expenditure only a voluntary transfer by an employer of a provident fund to trustees in trust for employees. A compulsory transfer made under the Employees' Provident Funds Act, 1952, and the scheme framed under it does not fall within that language, even if the fund vests statutorily and is administered by statutory trustees. The amount transferred under the statutory provident fund scheme was therefore not capital expenditure and remained deductible under section 37(1). The reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 25 Jul 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7339