Tax Liability of 'Incentive Bonus' ::
Court :
HC
Brief :
Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).
Citation :
C.I.T. Vs. Raza Textiles Ltd.
Allowability of incentive bonus
C.I.T. Vs. Raza Textiles Ltd.
5/9/2005 (2005) 148 Taxman 305( ALL.)
Case Fact:
Whether incentive bonus paid to employees for overtime and efficiency is allowable as business expenditure. Decision:
Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).
CA.Saibaburao Nanduri
Published in Income Tax
Views : 98
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