https://www.taxtmi.com/caselaws?id=221000 The High Court ruled in favor of the appellant in a case concerning the applicability of Section 115-J to a banking company for the assessment year 1989-90. It was held that if the provision for bonus was computed based on the Payment of Bonus Act, 1965, it would be considered an ascertained liability. The Court directed the assessing officer to determine the basis of computation for the provision for bonus to establish its status as an ascertained liability. Additionally, the Court ruled in favor of the appellant regarding the treatment of specific items as unascertained liabilities, based on a Supreme Court decision. en-us Thu, 14 Feb 2013 00:00:00 +0530 Mon, 18 Feb 2013 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221000 The High Court ruled in favor of the appellant in a case concerning the applicability of Section 115-J to a banking company for the assessment year 1989-90. It was held that if the provision for bonus was computed based on the Payment of Bonus Act, 1965, it would be considered an ascertained liability. The Court directed the assessing officer to determine the basis of computation for the provision for bonus to establish its status as an ascertained liability. Additionally, the Court ruled in favor of the appellant regarding the treatment of specific items as unascertained liabilities, based on a Supreme Court decision. Case-Laws Income Tax Thu, 14 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221000