1992 (7) TMI 66 - HC - Income Tax

Summary

The Bombay High Court dismissed an application under section 256(2) of the Income-tax Act, 1961, regarding the deduction of 40% of bonus commission as expenses incurred for earning it. The court upheld the Tribunal's decision to allow the deduction based on the finding of probable expenses incurred by the assessee. The assessee's claim was accepted, and no question of law arose for reference.