1995 (4) TMI 40 - HC - Income Tax

Summary

The High Court of Andhra Pradesh held that contributions made under a scheme framed under the Employees' Provident Funds Act, 1952 are not subject to Part A of the Fourth Schedule of the Income-tax Act, 1961. The Income-tax Officer disallowed the contributions made by the assessee to the provident fund of its managing director, but the Appellate Tribunal ruled in favor of the assessee as the provident fund was established under a statutory scheme. The Tribunal's decision was upheld, stating that no further recognition under the Income-tax Act was required for allowing the contributions.