I.T.AS. NOS.1066/IB TO 1073/IB AND I.T.AS. NOS.1084/IB TO 1091/IB OF 2004, DECIDED ON 22ND DECEMBER, versus I.T.AS. NOS.1066/IB TO 1073/IB AND I.T.AS. NOS.1084/IB TO 1091/IB OF 2004, DECIDED ON 22ND DECEMBER,
Section 23 (1) (xviii) CBR Circular Letter No. IT T 3 (40) / 85 Date 9 9 1985 Deductions Staff Welfare Fund expense based on Circular Letter No. IT T 3 (40) / 85 unavailability. 9 1985 Valid circular letter affirms the deduction of the expenses incurred entirely and exclusively for the business of the banks. The Circular Letter did not say that it was a special exemption in the case of the National Bank and it has been confirmed that the establishment and participation of the Staff Welfare Fund will be a business expense. The Issuing Officer misinterpreted the circular letter. As it provided certain relief to the nationally functioning banks, the Central Board of Revenue had made it clear that such expenditure was solely and solely for business. The claim of allowable deductions was of the nature of income tax for the welfare of the employees and was allowed in light of the law firm's position. In fact, it exempted all banks without exception
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