https://www.taxtmi.com/caselaws?id=99164 Section 7(e) of the Payment of Bonus Act, 1965 was construed on its plain wording to exclude only a rebate, relief, credit or deduction in direct tax expressly allowed for industrial development. The concessional 55% income-tax rate for industrial companies under the Finance Act, 1966 was treated as a rate prescription, not as a rebate or relief within that provision. The Supreme Court rejected reliance on the Finance Minister's speech to enlarge clear statutory language, and held that the employer could not compute direct tax at 65% for bonus purposes. The answer was against the appellant. en-us Thu, 13 Feb 1975 00:00:00 +0530 Tue, 06 Sep 2016 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99164 Section 7(e) of the Payment of Bonus Act, 1965 was construed on its plain wording to exclude only a rebate, relief, credit or deduction in direct tax expressly allowed for industrial development. The concessional 55% income-tax rate for industrial companies under the Finance Act, 1966 was treated as a rate prescription, not as a rebate or relief within that provision. The Supreme Court rejected reliance on the Finance Minister's speech to enlarge clear statutory language, and held that the employer could not compute direct tax at 65% for bonus purposes. The answer was against the appellant. Case-Laws Indian Laws Thu, 13 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99164