Audit fees provisions as per NABARD norms is allowable

DCIT Vs Jhajjar Central Coop Bank Ltd. (ITAT Delhi) Ld. Authorised Representative submitted that the provision pertained to audit fee payable to the statutory auditor for the ensuing year. It was further submitted that the statutory audit has to be carried out by a CA Firm recommended by NABARD and the audit fee is also prescribed by NABARD. It was further submitted that the audit fee is approximately Rs. 6,000/- per branch and since the assessee bank had 25 branches, a provision of Rs. 1.50 lakhs was made.  . We find that the Ld. CIT (A) has given categorical finding that this expenditure h...