1992 (10) TMI 250

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..... referred to this Court under section 256(1) of the Income-tax Act, 1961 ('the Act') at the behest of the Commissioner, Nagpur: 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that bonus is allowable under the second proviso to section 36(1)(ii) ? 2. Whether the Bonus Act is applicable to a particular factory/ business, whe .....

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..... a) of the Act, which reads thus: Provided further that nothing contained in this clause shall apply in the case of an employee whose income in the previous year chargeable under the head 'Salaries' exceeds twenty thousand rupees; The assessee has been in profit not only in the relevant assessment year but also in the previous assessment year. Such payments have been made to the emp .....

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