High Court upholds deduction of production incentive bonus under Income Tax Act

The High Court of Allahabad dismissed an appeal against the Income Tax Appellate Tribunal's order, upholding the deduction of production incentive bonus paid by the assessee to its employees for the assessment year 1987-88. The court cited a previous case where it was held that such bonuses are deductible under section 37 of the Income Tax Act, 1961.

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The High Court of Allahabad dismissed an appeal against the Income Tax Appellate Tribunal's order, upholding the deduction of production incentive bonus paid by the assessee to its employees for the assessment year 1987-88. The court cited a previous case where it was held that such bonuses are deductible under section 37 of the Income Tax Act, 1961.

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