https://www.taxtmi.com/caselaws?id=461855 Section 115JB is stated not to apply to a nationalised bank treated as a corresponding new bank, because such banks are treated as separate from companies for MAT computation. CSR expenditure is described as allowable under section 37(1) when incurred voluntarily on commercial expediency and not as a statutory obligation under section 135 of the Companies Act, 2013. A penalty paid to the Reserve Bank of India is treated as a compensatory civil liability, not a payment for an offence or prohibited purpose, and is therefore also allowable under section 37(1). The write-off of sundry assets is remanded for de novo verification because the factual basis was not finally examined. en-us Thu, 28 Nov 2024 00:00:00 +0530 Fri, 02 May 2025 19:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461855 Section 115JB is stated not to apply to a nationalised bank treated as a corresponding new bank, because such banks are treated as separate from companies for MAT computation. CSR expenditure is described as allowable under section 37(1) when incurred voluntarily on commercial expediency and not as a statutory obligation under section 135 of the Companies Act, 2013. A penalty paid to the Reserve Bank of India is treated as a compensatory civil liability, not a payment for an offence or prohibited purpose, and is therefore also allowable under section 37(1). The write-off of sundry assets is remanded for de novo verification because the factual basis was not finally examined. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461855