https://www.taxtmi.com/caselaws?id=22717 The High Court allowed the deduction of the company's contribution to the provident fund for its managing director, affirming that the payments were made out of commercial expediency and exclusively for business purposes. While the deduction under section 36(1)(iv) was rejected, the court found the contribution towards the provident fund to be allowable under section 37, as it was deemed a benefit to the managing director. The court ruled in favor of the assessee, upholding the Tribunal's decision in allowing the deduction. en-us Mon, 11 Feb 1991 00:00:00 +0530 Sat, 12 Dec 2009 14:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22717 The High Court allowed the deduction of the company's contribution to the provident fund for its managing director, affirming that the payments were made out of commercial expediency and exclusively for business purposes. While the deduction under section 36(1)(iv) was rejected, the court found the contribution towards the provident fund to be allowable under section 37, as it was deemed a benefit to the managing director. The court ruled in favor of the assessee, upholding the Tribunal's decision in allowing the deduction. Case-Laws Income Tax Mon, 11 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22717