CIT v. Maina Ore Transport (P) Ltd.

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The Tax Publishers2010 TaxPub(DT) 0180 (Bom-HC) : (2010) 324 ITR 0100 : (2008) 218 CTR 0653 : (2008) 175 TAXMAN 0494 : (2008) 012 DTR 0122 CIT v. Maina Ore Transport (P) Ltd. INCOME TAX ACT 1961 Business deduction under section 36(1)(ii) - Bonus or commission etc -Ex gratia payment made above limit prescribed under payment of bonus act *Held :* Ex gratia payment made by assessee-company to its employees over and above limit of 8.33 per cent prescribed under Payment of Bonus Act was allowable as deduction under section 36(1)(ii). Income tax act 1961 section 36(1)(ii) and 37(1) Decision : In favour of assessee. A.Y : 1993-94 Case law analysis :CIT v. Rajaram Bandekar & Sons (Shipping) (P.) Ltd. [1999] 237 ITR 628 (Bom.); CIT v. Raghuvanshi Mills Ltd. [1993] 68 Taxman 467 (Bom.) [Para 14] CIT v. Maina Ore Transport (P) Ltd. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2010 TaxPub(DT) 0180 (Bom-HC) : (2010) 324 ITR 0100 : (2008) 218 CTR 0653 : (2008) 175 TAXMAN 0494 : (2008) 012 DTR 0122

CIT v. Maina Ore Transport (P) Ltd.

INCOME TAX ACT 1961

Business deduction under section 36(1)(ii) - Bonus or commission etc -Ex gratia payment made above limit prescribed under payment of bonus act

Held : Ex gratia payment made by assessee-company to its employees over and above limit of 8.33 per cent prescribed under Payment of Bonus Act was allowable as deduction under section 36(1)(ii).

Income tax act 1961 section 36(1)(ii) and 37(1)

Decision : In favour of assessee.
A.Y : 1993-94

Case law analysis :CIT v. Rajaram Bandekar & Sons (Shipping) (P.) Ltd. [1999] 237 ITR 628 (Bom.); CIT v. Raghuvanshi Mills Ltd. [1993] 68 Taxman 467 (Bom.) [Para 14]

CIT v. Maina Ore Transport (P) Ltd.