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Deduction u/s 36(1)(va) allowable on contribution to staff welfare fund A/c
Case Law Details
- Case Name
- CIT Vs M/s. Muthoot Finance Ltd. (Kerala High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05 and 2009-10
- Courts
- All High Courts, Kerala High Court
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CIT Vs M/s. Muthoot Finance Ltd. (Kerala High Court)
Conclusion:
Assessee-employer had contributed a specific amount to each employee which was credited to a Staff Welfare Fund Account alongwith interest thereon and the amounts retained with the employer and the interest accrued in the name of a particular employee, was taxed in the hands of that employee. Hence though there was a common fund and accrual of interest, the same had to be treated as having been credited separately on the employees account in the relevant fund which was permissible for deduction under Section 36(1)(va).
Held:
As...
It is mentioned in the order that Muthoot Finance Ltd, is not covered under EPF & MP Act. How such a big organisation is not covered under The Act? What is the nature of appointment of the personnel working for them?
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