9911796707
TMI Blog1986 (1) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal, Cochin Bench, has referred the following questions arising out of the order of the Tribunal in regard to the assessment of the Kerala State Road Transport Corporation General Provident Fund Trust, Trivandrum, for the assessment year 1971-72: " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, the Kerala State Road Transport Corporation General Provident Fund Trust, Trivandrum, could not be assessed to income-tax under section 164 of the Income-tax Act, 1961, for the assessment years 1972-73 and 1973-74 ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law and had materials before it in finding that the total of the memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to above. The Income-tax Officer rejected the claim of the trust that the interest is not taxable and the income by way of interest was brought to tax. In appeal, the Appellate Assistant Commissioner upheld the contention of the Department that the interest accrued is taxable but allowed deduction of the aggregate of the interest credited to the account of the beneficiaries. The Department app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the employees of the K.S.R.T.C. to the provident fund account is exigible to income-tax in the hands of the trust as representative assessee under section 164 of the Income-tax Act. We do not agree. The interest is received on behalf of and for the benefit of the employees of the K.S.R.T.C. who contribute part of their salary towards the provident fund. The individuals who contribute to the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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