1997 (10) TMI 35 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee regarding the deduction of bonus provision for employees. The Tribunal allowed the claim, stating that section 43B(b) was not applicable as the bonus did not fall under the fund for the welfare of employees. The Court upheld the Tribunal's decision, ruling against the Revenue and in favor of the assessee.