{"id":38512,"date":"2024-01-29T14:52:32","date_gmt":"2024-01-29T09:22:32","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-state-bank-of-india-2023-153-taxmann-com-389-bomhc-editorial-slp-of-revenue-is-dismissed-pcit-v-state-bank-of-india-2023-294-taxman-428-sc\/"},"modified":"2024-01-29T14:52:32","modified_gmt":"2024-01-29T09:22:32","slug":"pcit-v-state-bank-of-india-2023-153-taxmann-com-389-bomhc-editorial-slp-of-revenue-is-dismissed-pcit-v-state-bank-of-india-2023-294-taxman-428-sc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-state-bank-of-india-2023-153-taxmann-com-389-bomhc-editorial-slp-of-revenue-is-dismissed-pcit-v-state-bank-of-india-2023-294-taxman-428-sc\/","title":{"rendered":"PCIT v. State Bank of India (2023) 153 taxmann.com 389 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. State Bank of India (2023) 294 Taxman 428 (SC)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>Assessee claimed deduction of certain amount contributed to SBI retired employees medical fund. Assessing Officer disallowed\u00a0 the claim on ground that\u00a0 fund was not recognized under section 36(1)(iv) or (v) and claim of expenditure was hit by provisions of section 40A(9)\u00a0 of the Act. Tribunal allowed the claim. On appeal dismissing the appeal of the Revenue the Court held that\u00a0\u00a0 since Assessing Officer had not doubted bona fide in creation of trust or that expenditure was not incurred wholly and exclusively for employees, order allowing\u00a0 claim was\u00a0 affirmed. Followed, PCIT v. State Bank of India (2020) 420 ITR 376(Bom)(HC)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure-Bonus to employees-Not doubted bona fide in creation of trust or that expenditure was not incurred wholly and exclusively for employees-Order of Tribunal allowing the expenditure is affirmed. [S. 36(1)(iv), 36(v), 40A(9)] <\/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-38512","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-a1a","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38512","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=38512"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38512\/revisions"}],"predecessor-version":[{"id":38513,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38512\/revisions\/38513"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}