https://www.taxtmi.com/caselaws?id=282554 A co-operative bank's payment to an Education Fund was treated as an allowable fund-related outgo and the disallowance was not sustainable where binding precedent had already accepted similar claims. Members' welfare fund expenditure was held to have a business nexus and was allowable under the business expenditure principles applicable to a co-operative institution. Deduction for the special long-term finance fund under section 36(1)(viii) was allowed because the amount set apart matched the prescribed profit-based working and was supported by earlier years' decisions. Investment depreciation was also accepted on the basis of a verified computation and reconciliation. The Revenue's appeal failed and all additions remained deleted. en-us Tue, 08 Jan 2019 00:00:00 +0530 Tue, 13 Aug 2019 11:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282554 A co-operative bank's payment to an Education Fund was treated as an allowable fund-related outgo and the disallowance was not sustainable where binding precedent had already accepted similar claims. Members' welfare fund expenditure was held to have a business nexus and was allowable under the business expenditure principles applicable to a co-operative institution. Deduction for the special long-term finance fund under section 36(1)(viii) was allowed because the amount set apart matched the prescribed profit-based working and was supported by earlier years' decisions. Investment depreciation was also accepted on the basis of a verified computation and reconciliation. The Revenue's appeal failed and all additions remained deleted. Case-Laws Income Tax Tue, 08 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282554