| |
| The Tax Publishers2020 TaxPub(DT) 2740 (SC) : (2020) 272 TAXMAN 0435 INCOME TAX ACT, 1961
Section 261 Section 37(1)
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in CIT v. New India Co-op. Bank Ltd. (2020) 117 Taxmann.com 127 (Bom.) : 2020 TaxPub(DT) 2741 (Bom-HC), whereby the High Court upheld the order of Tribunal holding that ex gratia payment made by the employer to its employees was on account of commercial expediency and hence allowable. Practice of ex gratia payment was evident from the observations of the Tribunal and accordingly appeal was dismissed, the Supreme Court dismissed SLP and pending applications therein as withdrawn, leaving question of law oepn.
|
Appeal (Supreme Court) - Special leave petition - Business expenditure - Disallowance of ex-gratia payment made by assessee to its employee--Allowability
Department preferred SLP to appeal against the judgment of Bombay High Court in CIT v. New India Co-op. Bank Ltd. (2020) 117 Taxmann.com 127 (Bom.) : 2020 TaxPub(DT) 2741 (Bom-HC), whereby the High Court upheld the order of Tribunal holding that ex gratia payment made by the employer to its employees was on account of commercial expediency and hence allowable. Practice of ex gratia payment was evident from the observations of the Tribunal and accordingly appeal was dismissed.Held: Counsel for the petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F. No. 390/Misc./116/2017-JC, dated 22-8-2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. The special leave petition and pending applications were dismissed as withdrawn, leaving question of law open.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
 SUBSCRIBE FOR FULL CONTENT
|