Exp. incurred under statutory obligation to be allowed as deduction even if same doesn’t fall u/s 37(1): HC

INCOME TAX : Where it was statutory obligation of assessee co-operative bank to contribute to 'common good fund', 'special assistance fund', etc., amount expended on funds will be allowable as deduction while computing income of assessee co-operative bank, even when said expenditure did not come under section 37(1)

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