1984 (12) TMI 60 - HC - Income Tax

Summary

The High Court of Madras dismissed the petition regarding the deduction of incentive bonus under section 37 of the Income Tax Act, 1961. The court held that the incentive bonus is not covered under section 36(1)(ii) of the Act and qualifies for deduction under the general provision of section 37 as it is an expenditure for the business purpose. The petition was dismissed with costs of Rs. 250.