https://www.taxtmi.com/caselaws?id=69737 The tribunal allowed the appeal by M/s Rajan Leather Manufacturers (P) Ltd., Dindigul, regarding the disallowance of bonus and provision for bonus under section 36(1)(ii) of the IT Act for the assessment year 1976-77. The tribunal held that the disallowance of excess bonus payment was unwarranted and validated the provision for bonus under the mercantile system of accounting, emphasizing the importance of honoring existing agreements and accounting principles. Relief of Rs. 23,333 was granted to the appellant, highlighting the significance of interpreting bonus payments in alignment with contractual obligations and accounting practices. en-us Wed, 12 Mar 1980 00:00:00 +0530 Mon, 11 Apr 2011 17:56:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69737 The tribunal allowed the appeal by M/s Rajan Leather Manufacturers (P) Ltd., Dindigul, regarding the disallowance of bonus and provision for bonus under section 36(1)(ii) of the IT Act for the assessment year 1976-77. The tribunal held that the disallowance of excess bonus payment was unwarranted and validated the provision for bonus under the mercantile system of accounting, emphasizing the importance of honoring existing agreements and accounting principles. Relief of Rs. 23,333 was granted to the appellant, highlighting the significance of interpreting bonus payments in alignment with contractual obligations and accounting practices. Case-Laws Income Tax Wed, 12 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69737