Case Law Details
Case Name : CIT Vs M/s. Muthoot Finance Ltd. (Kerala High Court)
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 sep
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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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