Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (11) TMI 37 - ANDHRA PRADESH HIGH COURTDeduction u/s 32(1) – Depreciation – Revenue receipt – Bonus paid in excess of salary - Whether, Tribunal is correct in holding that the bottles and shells constitute plant and depreciation is admissible thereon u/s 32(1)(ii)? – This question is answered against the Revenue and in favour of the assessee - Whether Tribunal is correct in law in holding that the amount of Rs. 5,46,000 (payment of Rs. 5,46,000 was directly related to the bottles which were destroyed under the supervision of the Corporation) received by the assessee from M/s. Coca-Cola Export Corporation does not constitute a revenue receipt in the assessee's hands? – This question is answered in favour of the Revenue and against the assessee - Whether Tribunal ought to have upheld the disallowance of Rs. 36,404 made by the Income-tax Officer in respect of bonus paid in excess of 8.33 per cent. of the salaries paid?" - there is no dispute that the bonus that was paid was customary bonus. Therefore, it could not be said that the bonus paid in excess of 8.33 per cent, of the salaries had to be included in the income. This question is also answered against the Revenue
|