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1984 (7) TMI 34 - HC - Income TaxExtract: .......n the facts and in the circumstances of the case, the Tribunal was justified in holding that set on of bonus as per s. 15(1) of the Payment of Bonus Act, 1965, at Rs. 3,24,800 is not allowable as business expenditure, in computing the assessee s income for the assessment year 1978-79. The reference is answered accordingly with no order as to costs.
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