Friday, February 20, 2015

[aaykarbhavan] No disallowance if trust was accumulating funds to pay on death of bank employee as it was formed for their welfare



 No disallowance if trust was accumulating funds to pay on death of bank employee as it was formed for their welfare
February 21, 2015[2015] 54 taxmann.com 196 (Delhi)/[2015] 370 ITR 490 (Delhi)
IT: Where assessee-society constituted for welfare of employees of a bank, had accumulated a sum under heading 'Further utilization' for making payments to members or their legal representatives in case of their death, retirement or permanent disability, assessee had fulfilled its obligation as required under section 11(2) and no disallowance was called for
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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