https://www.taxtmi.com/caselaws?id=15906 For a bank, "turnover" is not the apt measure for section 37(3A) of the Income-tax Act, 1961; the relevant expression is "gross receipts", which in the banking context means deposits received during the relevant year. Advances, loans, investments and repayments of amounts lent do not form part of gross receipts for this purpose. On that basis, the Tribunal was incorrect in aggregating advances and banking investments as turnover or gross receipts for determining the disallowance on advertisement, publicity and sales promotion expenditure, and the matter had to be remitted to ascertain the actual deposits received. en-us Thu, 05 Mar 1998 00:00:00 +0530 Sat, 29 Aug 2009 17:21:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15906 For a bank, "turnover" is not the apt measure for section 37(3A) of the Income-tax Act, 1961; the relevant expression is "gross receipts", which in the banking context means deposits received during the relevant year. Advances, loans, investments and repayments of amounts lent do not form part of gross receipts for this purpose. On that basis, the Tribunal was incorrect in aggregating advances and banking investments as turnover or gross receipts for determining the disallowance on advertisement, publicity and sales promotion expenditure, and the matter had to be remitted to ascertain the actual deposits received. Case-Laws Income Tax Thu, 05 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15906