1995 (7) TMI 50 - HC - Income Tax

Summary

The High Court of Allahabad heard an application under section 256(2) of the Income-tax Act, 1961 regarding the deduction of bonus payments. It was clarified that excess bonus payments not in accordance with the Payment of Bonus Act, 1965 are not covered under section 36(1)(ii) or section 37 of the Act. The Tribunal was directed to refer the question of law regarding the deduction of excess bonus payments to the court.