Section 36(1)(iv) not mandates recognition of pension fund by jurisdictional CIT

CIT Vs Tamil Nadu State Transport Corporation (Salem) Ltd. (Madras High Court) It is not in dispute that the Pension Fund Scheme has been jointly floated by the State Transport Corporations, as has been recorded by the Tribunal. The Tribunal has recorded a finding that State Transport Corporations operating in different districts in the State are signatories to the Trust Deed for setting up the Pension Fund Scheme. It is also not in dispute that the said fund has been recognized by the CIT-VII, Chennai. In the above backdrop, a cursory reading of Section 36 (1) (iv) of the Act would reveal tha...