Home › Income-Tax Act › CIT v. New India Co. Op. Bank Ltd. (2020) 117 taxmann.com 127 (Bom.)(HC) Editorial : SLP of revenue is dismissed due to low tax effect, CIT v. New India Co. Op. Bank Ltd. (2020) 272 Taxman 435 (SC)

CIT v. New India Co. Op. Bank Ltd. (2020) 117 taxmann.com 127 (Bom.)(HC) Editorial : SLP of revenue is dismissed due to low tax effect, CIT v. New India Co. Op. Bank Ltd. (2020) 272 Taxman 435 (SC)

S. 37(1) : Business expenditure-Ex gratia payment to employees is held to be allowable as deduction on account of commercial expediency.

Dismissing the appeal of the revenue the Court held that ex-gratia payment to employees is held to be allowable as deduction on account of commercial expediency. Relied on CIT v. Maina Ore Transport (P.) Ltd. (2008) 324 ITR 100 (Bom.)  (HC) and Shahzada Nand & Sons v. CIT (1977) 108 ITR 358 (SC) CIT v. Mafatlal Fine Spg. & Mfg. Co. Ltd.  (2003) 263 ITR 140 (Bom)(HC). (AY. 2007-08)