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2015 (1) TMI 422 - HC - Income TaxPayment of bonus - Disllowance u/s 43B - purview of sec. 143(1)(a) - prima facie adjustments - Held that:- Even where the appropriate Government does not issue any ordinance or notification or in the absence of any agreement, an industry has its own discretion to pay the bonus of its choice, subject to statutory requirements. It is no facet of the power of the assessing officer to tell upon the justification or otherwise as to the percentage of bonus paid by an assessee. The only thing he can verify is as to whether bonus has been paid as a matter of fact. If it is paid, deduction has to be permitted under Section 43B of the Act and otherwise not. Payment of bonus, no doubt, was made after 31st March of the concerned year. However, it was before the due date for submission of returns. The proviso to Section 43B of the Act is to the effect that the amount must be actually paid by the assessee on or before due date applicable in his case for furnishing the return of income. Admittedly, the payment was made before the due date for filing of the return. - Following decision of Commissioner of Income Tax v. Lakshmi Machine Works [2007 (4) TMI 202 - SUPREME Court] - Decided against Revenue.
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