https://www.taxtmi.com/caselaws?id=274656 The court upheld the addition of Rs. 1,18,99,651/- to the income of the appellant under Section 41(1) of the Income Tax Act, 1961, as the provisions were not added back in previous years, making the transfer to the reserve fund taxable. Additionally, the court confirmed the allowability of the contribution by the Apex Bank for PAC Managers salary as a statutory liability, directing that the disallowance by the AO was incorrect. The appeal was dismissed, ruling in favor of the department and against the assessee. en-us Tue, 06 Mar 2018 00:00:00 +0530 Mon, 27 Aug 2018 17:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274656 The court upheld the addition of Rs. 1,18,99,651/- to the income of the appellant under Section 41(1) of the Income Tax Act, 1961, as the provisions were not added back in previous years, making the transfer to the reserve fund taxable. Additionally, the court confirmed the allowability of the contribution by the Apex Bank for PAC Managers salary as a statutory liability, directing that the disallowance by the AO was incorrect. The appeal was dismissed, ruling in favor of the department and against the assessee. Case-Laws Income Tax Tue, 06 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274656