Applicability of Part B 4th Schedule to superannuation fund with restrictive clause.

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..... e employees under a trust deed having a restrictive clause by way of granting the employer a right to discontinue the scheme could be accorded approval under Part B of the 4th schedule to the I.T. Act, 1961. 2. The board had earlier on 27-10-69 taken a view that such reservation of power on the part of the employer to discontinue the fund offends clauses a and c of rule 3 of the part B of schedu .....

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..... s condition only requires the employer to contribute to the fund so long as he intends or is able to do so. 4. Thus the approval of a superannuation fund need not be withheld only on the ground of such a power being vested with the employer. If any of the events specified above takes place the commissioner may consider taking appropriate action under the rules including withdrawing the approval .....

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