Assessee-trust set up an Employees Pension Fund which is approved u/s 10(23AAA) in 1996 and was also registered under S. 12A of the Act. It claimed exemption under S. 10(25)(iii) of income received by it on behalf of employee pension fund. AO held that S. 10(23AAA) required renewal of approval after three year and since said approval was not renewed, assessee was not entitled to exemption. Tribunal allowed the claim of the assessee. On appeal the court held that there was no such requirement of renewal of approval granted by concerned authority as contemplated under S. 10(23AAA) in case of trust fund which was entitled to exemption under section 10(25)(iii). Since assessee’s trust fund was duly approved by competent authority, entire income as claimed by assessee would be exempted under S. 10(25)(iii) of the Act. (AY.2001 -02, 2003 -04)