Winding up of superannuation fund--Rule 3(a) of part B of the Fourth Schedule to the Income-tax Act and rules 93 and 94 of the Income-tax Rules, 1962--Clarification regarding

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....ing Circular No. 595 Dated 5/3/1991 The Board had clarified earlier that a gratuity fund, approved under the Income-tax Act, 1961, cannot be wound up unless it is necessitated by the winding up or discontinuance of the employer's trade or undertaking, and that the revocation of a gratuity fund cannot be permitted on the basis of a resolution of the trustees and/or beneficiaries. 2. The Board ....