Allowing the appeal the Court held that monetary incentive provided to its members is allowable as deduction . Referred Circular No 117 dated 22-8 -1973 . ( AY. 2009-10 )
Karnataka State Co-op. Apex Bank Ltd v. Dy. CIT (2021) 281 Taxman 2 / 207 DTR 351/ 323 CTR 730 (Karn.)
S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction