{"id":20322,"date":"2021-07-21T10:52:49","date_gmt":"2021-07-21T05:22:49","guid":{"rendered":"https:\/\/itatonline.org\/digest\/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\/"},"modified":"2021-07-21T10:52:49","modified_gmt":"2021-07-21T05:22:49","slug":"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","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/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\/","title":{"rendered":"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)"},"content":{"rendered":"<p>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\u00a0v.\u00a0Maina Ore Transport (P.) Ltd.\u00a0(2008) 324 ITR 100 (Bom.)\u00a0 (HC) and\u00a0Shahzada Nand &amp; Sons\u00a0v.\u00a0CIT\u00a0(1977) 108 ITR 358 (SC) CIT\u00a0v.\u00a0Mafatlal Fine Spg. &amp; Mfg. Co. Ltd.\u00a0 (2003) 263 ITR 140 (Bom)(HC). (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure-Ex gratia payment to employees is held to be allowable as  deduction on account of commercial expediency. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-20322","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5hM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=20322"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20322\/revisions"}],"predecessor-version":[{"id":20323,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20322\/revisions\/20323"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=20322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=20322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=20322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}