Bonus

Last updated: 13 September 2007

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Court :
HC

Brief :
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.

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

Bonus C.I.T. Vs. Gnanambikai Mills Ltd. 02/05/2007 [2007] 293 ITR 72 (Mad) Case Fact: Whether, bonus paid subsequently on account of a settlement between employees and management is allowed as a deduction in Income Tax? Decision: 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.