Held that the transfer of monies to funds is allowable as deduction under section\u00a037(1)\u00a0only if at least one of the conditions exists, there is an overriding statute by which the amounts transferred to funds do not remain with or under the control of assessee; or if the assessee has \u201cactually spent\u201d moneys for the relevant purposes during the previous year. In the present case, the provisions of section\u00a037(1)\u00a0of the\u00a0Madhya Pradesh Co-operative Societies Act, 1960\u00a0spoke of \u201cappropriate of profits\u201d only. There was no material available on record by which it could be verified that either of the two conditions was satisfied. Matter remanded to the Assessing Officer. that the provision made by the assessee qua standard assets was basically in the nature of bad and doubtful debts and was allowable under section\u00a036(1)(viia). (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 37(1) : Business expenditure-Co-Operative Society-Banking business-Transfer of monies to funds-Overriding statute-Matter remanded to the Assessing Officer-Provision for standard assets-Allowable as deduction. [S. 36(1)(viia)] <\/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-44942","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bGS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44942","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=44942"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44942\/revisions"}],"predecessor-version":[{"id":44943,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44942\/revisions\/44943"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}