ALLOWABILITY OF BUSINESS EXPENDITURE QUA EX-GRATIA PAYMENT
Court :
HIGH COURT OF BOMBAY AT GOA
Brief :
The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or customary payment.
Citation :
CIT
v.
Maina Ore Transport Pvt. Ltd.
Reference under Income Tax No. 1 of 2004
August 22, 2008
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CHEZHIYAN
Published in Income Tax
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