The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the closing allowance provided to the employees cannot be disallowed under Section 37(1) of the Income Tax Act, 1961 if the same is quantifiable. The assessee, a District Cooperative Bank, is operating in the District of Bijnor (Uttar Pradesh), filed the income tax return […]
The post Closing Allowance to Employees can’t be Disallowed If Quantifiable: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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