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TMI Blog2019 (8) TMI 655X X X X Extracts X X X X X X X X Extracts X X X X ..... , in so far as the above decision is concerned, differ only to the extent that in the relied upon case the household stainless steel utensils were distributed to the members of the said Coop. Society, whereas the bank asked the members to take the gift item worth ₹ 400/from the selected stores. - Decided against revenue. - R/TAX APPEAL NO. 351 of 2019 - - - Dated:- 6-8-2019 - MR J. B. PARDIWALA AND MR A. C. RAO, JJ. For The Appellant (s) : MRS KALPANAK RAVAL (1046) For The Opponent (s) : None ORAL JUDGMENT ( PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA) 1. This tax appeal under Section 260A of the Income Tax Act, 1961 [for s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 1,48,05,817/made on account of disallowance of investment depreciation? 3. The first two questions of law as proposed by the revenue has something to do with the Section 37 of the Act, 1961. It appears from the materials on record that the assessee is a cooperative bank. It claims the deduction of the amount of ₹ 6,57,614/under the head of 'Members Welfare Fund' . The Assessing Officer took the view that the expenditure is nothing, but an adhoc estimated appropriation towards the welfare of the members, who were none other than the owners of the bank. The Assessing Officer recorded a finding that such expenses was being incurred exclusively for the benefit of the members and in such circumstances, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o maintain good relations with the members and thus, the expenditure incurred is towards the welfare of the Members and same is supported by the decision of Hon'ble Gujarat High Court in the case of Karjan Cooperative Cotton Sales Ginning Pressing Soecity Vs. CIT 199 ITR 17 [1993] 69 taxmann.com 04 (Guj). In view of this matter, respectfully following the Cision of Coordinate Bench as mentioned above, this ground OF appeal of the Revenue is dismissed. 6. Thus, the first two questions as proposed by the Revenue are no longer resintegra in view of a decision of this Court in the case of Karjan Cooperative Cotton Sales Ginning Pressing Society (supra) . So far as the questions nos.3 and 4 as proposed by the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X
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