2012 (9) TMI 132

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....ma, Advocate. For Respondent: Mr. Ashwani Taneja with Ms. Rani Kiyala, Advocates. MR. JUSTICE S.RAVINDRA BHAT (OPEN COURT)   The Revenue through this Appeal claims to be aggrieved by the order of the ITAT dated 15.11.2011 on the following questions of law: -   (i) Whether in the facts and circumstances of the case, the assessee is entitled to depreciation of building and car ....

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....e assessee did not have a registered sale deed in that regard. Likewise, the AO disallowed the sum of Rs. 9,08,359/-, i.e., the contribution made towards provident fund. It was held that the fund though administered by the Trust was unrecognized. The assessee carried the matter in appeal to CIT (A) which was partly allowed. 3. Both the assessee and the Revenue, therefore, filed the appeals befo....

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....the letter is extracted below: - "Section 2 (38) of the Income Tax Act, 1961 provides that "recognized provident fund" means a provident fund which has been and continues to be recognized by the Commissioner in accordance with the rules contained in Part A of the Fourth Schedule, and includes a provident fund established under a scheme framed under the Employees Provident Fund Act, 1952; The fourt....

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....ch contributions, the Provident Fund Trust or scheme must conform to at either of the three specifications i.e. it must be either a scheme framed by virtue of the Employees Provident Fund Act, 1952; or a scheme framed by the employer but with the approval of the Provident Fund Commissioner or lastly a scheme approved by the income tax authorities in terms of the Fourth Schedule to the Act. Faciall....