1990 (8) TMI 51 - HC - Income Tax

Summary

The High Court of Bombay dismissed an application under section 256(2) of the Income-tax Act, 1961. The court upheld the Tribunal's decision that 40% of bonus/commission received by the assessee should be deducted as estimated expenses for earning the income. The court refused to question the Tribunal's conclusion that the bonus/commission was income from business or profession. The application was discharged with no costs.