Bonus

Last updated: 08 November 2008

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
 
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