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Learned counsel for the petitioner, on instructions, issued by the Department of Revenue, Ministry of FinancevideF. No. 390/Misc./116/2017-JC dated 22-8-2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect.

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Sec. 37(1) of the Income-tax Act, 1961—Business expenditure - Ex gratia payment made by the employer to its employees is on account of commercial expediency is allowable. SLP of the revenue dismissed due to low tax effect. - CIT V/s NEW INDIA CO. OP. BANK LTD. - [2020] 272 TAXMAN 435 (SC)

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