https://www.taxtmi.com/caselaws?id=39323 An employee provident fund contribution was treated as deductible business expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922 where the assessee kept mercantile accounts and credited the trustees' account in the relevant year. The scheme's non-recognition in that year was held irrelevant to the deduction question. Section 10(4)(c) was construed as a restriction on allowance, not a requirement of actual cash payment to the fund. Effective arrangements for deduction of tax at source from fund payments supported allowance, and section 418 of the Companies Act, 1956 was treated as governing deposit mechanics rather than the time of incurrence of expenditure. en-us Thu, 11 Jul 1974 00:00:00 +0530 Thu, 15 Apr 2010 15:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39323 An employee provident fund contribution was treated as deductible business expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922 where the assessee kept mercantile accounts and credited the trustees' account in the relevant year. The scheme's non-recognition in that year was held irrelevant to the deduction question. Section 10(4)(c) was construed as a restriction on allowance, not a requirement of actual cash payment to the fund. Effective arrangements for deduction of tax at source from fund payments supported allowance, and section 418 of the Companies Act, 1956 was treated as governing deposit mechanics rather than the time of incurrence of expenditure. Case-Laws Income Tax Thu, 11 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39323