57. Effect of withdrawal of recognition

57. Effect of withdrawal of recognition.—

If the Commissioner withdraws recognition of a recognised provident fund, the balance to the credit of each employee at the end of the financial year prior to the date of the withdrawal of recognition shall be paid to him free of tax at the time when such employee receives the accumulated balance due to him and the remainder of the accumula­ted balance due to him shall be liable to tax as if the fund had never been recognised.

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