Supreme Court · 1970 INSC 121 · Decided 30 April 1970
Commissioner of Income Tax, Bombay v. Mysore Spinning & MFG. CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1970 INSC 121 · [1971] 1 S.C.R. 468
- Case number
- CIVIL APPEAL No. 1760/1967
- Decided
- 30 April 1970
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 58K(l), 10(2)(xv), 58K
Headnote
Indian Income-tax 1922, s. 58K( 1) a.nd s. !0(2)(xv)-Private Provi­ .dent Fund started by assessee company for its en1ployees-Acct11nulation.v paid into Employees Provident Fund under the E111ployees Provident. Funds Act 19 of 1952-Payment whether of a capital nature within tlie meaning of s. under section 10(2) (xv). The assessee company-respondent herein-carried on the business o'i manufacture and sale of yarn and cloth. It started in 1914 a Provident Fund for the benefit of its monthly rated employees. Subsequently, an­ other fund was started. These funds were not recognised
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