Bonus
Last updated: 13 September 2007
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.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 46
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