Applicability of Part B 4th Schedule to superannuation fund with restrictive clause.

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..... trust deed having a restrictive clause by way of granting the employer a right to discontinue the scheme could be accorded approval under Part B of the 4th schedule to the I.T. Act, 1961. 2. The board had earlier on 27-10-69 taken a view that such reservation of power on the part of the employer to discontinue the fund offends clauses a and c of rule 3 of the part B of schedule IV and as such th .....

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..... ires the employer to contribute to the fund so long as he intends or is able to do so. 4. Thus the approval of a superannuation fund need not be withheld only on the ground of such a power being vested with the employer. If any of the events specified above takes place the commissioner may consider taking appropriate action under the rules including withdrawing the approval under rule 2. 5. The .....

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