https://www.taxtmi.com/caselaws?id=308882 The Revenue's appeal against the order of Ld. CIT(A)-IV, Rajkot, concerning the disallowance of Rs. 14,35,000/- expenditure by a Co-operative Bank for welfare activities of its members was dismissed. The Tribunal upheld the decision stating that the expenditure was allowable under section 37(1) of the Income Tax Act as it was essential for the bank's business, appreciating members' contributions and motivating their support. The expenditure was deemed integral to the business purpose, following the precedent set by the Hon'ble Gujarat High Court in similar cases. en-us Fri, 07 Dec 2012 00:00:00 +0530 Sat, 29 Jul 2023 10:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308882 The Revenue's appeal against the order of Ld. CIT(A)-IV, Rajkot, concerning the disallowance of Rs. 14,35,000/- expenditure by a Co-operative Bank for welfare activities of its members was dismissed. The Tribunal upheld the decision stating that the expenditure was allowable under section 37(1) of the Income Tax Act as it was essential for the bank's business, appreciating members' contributions and motivating their support. The expenditure was deemed integral to the business purpose, following the precedent set by the Hon'ble Gujarat High Court in similar cases. Case-Laws Income Tax Fri, 07 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308882