9911796707
TMI Blog1980 (9) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... come for the asst. yr. 1977-78. 2. The CIT (Appeals) found that though the Employees Provident Fund and Family Pension Fund Act, 1952 was not applicable to the assessee company, it had itself created a Fund in 1956 on its own and the employees contributions were being deposited in a separate account with a Post Office Savings Bank. Recognition was given retrospectively w.e.f. 1st Jan., 1976 whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the previous year to any Trust so as to satisfy Rule 14(1) of the Fourth Schedule. The contention of the assessee on the other hand was that the maintenance of the separate bank account with the Post Office was itself a creation of a Trust and the retrospective recognition had to be given effect in making the assessment. 4. On a consideration of the rival submissions, we are of the opinion tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court has held in the case of Mysore Spinning and Manufacturing Co. Ltd. (1970) 78 ITR 4 (SC) that this Rule which was identical to s. 59K which was considered in that case was confined to private provident funds applicable exclusively to the workmen of the assessee alone and cannot apply to public provident funds which cover all kinds of employees and not only the employees of the assessee. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... But we are of the opinion that the decision of the Supreme Court is irrelevant to decide this issue for in that case it was held that the exception itself has no application and, therefore, the question when the expenditure accrued has to be decided on its own merits. On that question while the contention of the Revenue is that the expenditure must have accrued on 20th March, 1978 when the notific ..... X X X X Extracts X X X X X X X X Extracts X X X X
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