2002 (10) TMI 786 - HC - Income Tax

Summary

The High Court of Madras ruled that the employer's contribution to provident fund is deductible if paid within the grace period. Modernization expenditure is allowed as deduction if it relates to repairs and replacement of parts. The Tribunal was directed to reconsider the issue related to modernization expenditure for a cooperative society under the control of the Director of Handlooms.