https://www.taxtmi.com/caselaws?id=123114 Bonus payable for the relevant accounting year was deductible in computing business profits where the assessee kept mercantile accounts, because the liability accrued in that year even though it was neither paid nor entered in the books. The absence of a book entry did not change the character of the expense, and the return form contemplated deduction of allowable items not already charged to profit and loss. The deduction was therefore allowable in the assessment year 1952-53 in favour of the assessee. en-us Sat, 28 Sep 1957 00:00:00 +0530 Thu, 06 Sep 2012 15:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123114 Bonus payable for the relevant accounting year was deductible in computing business profits where the assessee kept mercantile accounts, because the liability accrued in that year even though it was neither paid nor entered in the books. The absence of a book entry did not change the character of the expense, and the return form contemplated deduction of allowable items not already charged to profit and loss. The deduction was therefore allowable in the assessment year 1952-53 in favour of the assessee. Case-Laws Income Tax Sat, 28 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123114