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2017 (8) TMI 131 - HC - Income TaxDeduction in respect of the incentive bonus - Held that:- A Division Bench of this Court in Commissioner of Income Tax Vs. Raza Textiles Ltd. (2005 (5) TMI 20 - ALLAHABAD High Court) has held that where incentive bonus had been paid as a reward of good attendance and efficiency to the workers, it is deductible under Section 37 of the Act. Stock of incentive sugar has to be valued on the levy price and not the cost price. Commissioner of Income Tax Vs. Bannari Amman Sugars Ltd. [2012 (9) TMI 848 - SUPREME COURT] Disallowance of guest house expenses under Section 37 - Held that:- In view of subsection (4) of section 37 of the Act which stood at the relevant time all expenses incurred by the assessee on any accommodation of the nature of the guest house after 28.02.1970 are not allowable. Expenditure incurred by the assessee in respect of guest house after 28.02.1970 shall not be allowable.
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