https://www.taxtmi.com/caselaws?id=70380 Employee settlement payments were treated as deductible business expenditure where one amount, made under conciliation and within the Bonus Act ceiling, retained the character of statutory bonus and qualified under section 36(1)(ii), while the separate incentive payment for higher production and continued cooperation was allowed under section 37(1) as wholly and exclusively incurred for business. A forest lease demand was also held to be an accrued and ascertained liability on the mercantile system because the assessee had already undertaken the obligation and later quantification merely fixed its amount; the absence of book entries did not make it contingent. en-us Wed, 13 Jan 1988 00:00:00 +0530 Fri, 15 Apr 2011 18:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70380 Employee settlement payments were treated as deductible business expenditure where one amount, made under conciliation and within the Bonus Act ceiling, retained the character of statutory bonus and qualified under section 36(1)(ii), while the separate incentive payment for higher production and continued cooperation was allowed under section 37(1) as wholly and exclusively incurred for business. A forest lease demand was also held to be an accrued and ascertained liability on the mercantile system because the assessee had already undertaken the obligation and later quantification merely fixed its amount; the absence of book entries did not make it contingent. Case-Laws Income Tax Wed, 13 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70380