1978 (2) TMI 61 - HC - Income Tax

Summary

The High Court of Allahabad held that the bank's contribution to the employees' provident fund was not allowable as a deduction under section 36(1)(iv) of the Income Tax Act, but it could be considered as an allowable expenditure under section 37(1) if certain statutory requirements were met. The Tribunal was directed to provide findings on whether the statutory requirements regarding the provident fund were fulfilled by the bank.