https://www.taxtmi.com/caselaws?id=409752 Compulsorily applied contributions by a co-operative bank to business-related funds, including PACS/DCCB-linked funds, were treated as deductible business expenditure under section 37(1) because the amounts were spent for obligations connected with the bank's business, did not remain with the bank, and were neither capital nor personal expenditure. The Court followed its earlier view in the assessee's own case and distinguished revenue authorities concerning reserve fund situations as inapplicable on these facts. en-us Mon, 05 Jul 2021 00:00:00 +0530 Thu, 28 Apr 2022 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409752 Compulsorily applied contributions by a co-operative bank to business-related funds, including PACS/DCCB-linked funds, were treated as deductible business expenditure under section 37(1) because the amounts were spent for obligations connected with the bank's business, did not remain with the bank, and were neither capital nor personal expenditure. The Court followed its earlier view in the assessee's own case and distinguished revenue authorities concerning reserve fund situations as inapplicable on these facts. Case-Laws Income Tax Mon, 05 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409752