2002 (1) TMI 2 - SC - Income Tax

Whether on the facts and in the circumstances of the case the Tribunal was legally justified in holding that the incentive bonus paid by the assessee is allowable under section 37 if it is not admissible under specific section 36(1)(ii) - said question is a referable question of law and it arises from the order of the Tribunal so it needs to be referred to the High Court

Summary

The Supreme Court allowed the appeal directing the Tribunal to refer a question of law to the High Court regarding the admissibility of incentive bonus under the Income-tax Act, 1961. The court found the question to be referable and not covered by previous orders.