Allowable deduction in computation of total income.

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..... Referred: 37(1) Statute: Income - Tax Act, 1961 In instance has come to the notice of the Board where an assessee had paid interest to the Regional Commissioner of Provident Fund for failure t .....

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..... e to comply with the statutory requirements, i.e., to deposit the provident fund contribution in time, partakes the nature of penalty for infraction of the law. The conditions laid down in section 37( .....

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