https://www.taxtmi.com/caselaws?id=49721 A trust for an employees' pension fund was held ineffective because the deed gave the bank and its officers complete discretion over whether pensions would be granted, modified or withdrawn, leaving no enforceable obligation and no beneficiaries identified with reasonable certainty. On that footing, the payment into the fund could not qualify as business expenditure laid out wholly and exclusively for the purposes of the business, since the arrangement did not create a binding application of funds for pension payments. The deduction was therefore disallowed and the assessment sustained. en-us Thu, 08 Oct 1953 00:00:00 +0530 Wed, 10 Sep 2014 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49721 A trust for an employees' pension fund was held ineffective because the deed gave the bank and its officers complete discretion over whether pensions would be granted, modified or withdrawn, leaving no enforceable obligation and no beneficiaries identified with reasonable certainty. On that footing, the payment into the fund could not qualify as business expenditure laid out wholly and exclusively for the purposes of the business, since the arrangement did not create a binding application of funds for pension payments. The deduction was therefore disallowed and the assessment sustained. Case-Laws Income Tax Thu, 08 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49721