Relief to Axis Bank: ITAT Allows Deduction for Service Tax Expenses u/s 37 [Read Order]

The ITAT ruled that the payment was a business expense, not a tax liability of the bank, and thus deductible under Section 37
By Sneha Sukumaran Mullakkal - On March 5, 2025 7:50 pm - 2 mins read
Axis Bank service tax deduction - Axis bank ITAT judgment - ITAT - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) allowed Axis Bank’s appeal, permitting the deduction of service tax expenses under Section 37 of the Income Tax Act,1961. Axis Bank Ltd., appellant-assessee, acted as a corporate agent for Max Life Insurance Company, earning commissions for marketing its insurance policies. During the assessment, the Assessing Officer…

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