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Bonus

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Court :

Brief :
Whether, bonus paid subsequently on account of a settlement between employees and management is allowed as a deduction in Income Tax?

Citation :
C.I.T. Vs. Gnanambikai Mills Ltd.

Held by the Hon`ble Court that, amount paid was in excess of the minimum bonus prescribed under the Payment of Bonus Act. Therefore deduction is allowed in Income Tax Act
 

CA. A. Kumar
on 08 November 2008
Published in Income Tax
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