https://www.taxtmi.com/caselaws?id=36390 Provident fund contributions made under an irrevocable trust deed were treated as real business expenditure under mercantile accounting, because the fund had effectively vested in the trustees and the liability was not merely a book entry; the deduction was therefore allowable. Interest earned on the trust's investments was held to belong to the trust, not the assessee, once the fund had been validly transferred, so it was not taxable in the assessee's hands. The discussion also notes that the trust structure and tax-deduction arrangements were considered sufficient to avoid the bar in section 10(4)(c). en-us Fri, 23 May 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36390 Provident fund contributions made under an irrevocable trust deed were treated as real business expenditure under mercantile accounting, because the fund had effectively vested in the trustees and the liability was not merely a book entry; the deduction was therefore allowable. Interest earned on the trust's investments was held to belong to the trust, not the assessee, once the fund had been validly transferred, so it was not taxable in the assessee's hands. The discussion also notes that the trust structure and tax-deduction arrangements were considered sufficient to avoid the bar in section 10(4)(c). Case-Laws Income Tax Fri, 23 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36390