https://www.taxtmi.com/caselaws?id=9099 Statutory bonus liability under the Payment of Bonus Act, 1965 was treated as attributable to the relevant accounting year, because the Act applied to accounting years commencing in 1964 and the bonus had to be computed under the allocable surplus scheme for that period. Where accounts are kept on the mercantile system, a later quantified adjustment that validly relates back to the last day of the accounting year can be given effect in that year. The bonus was therefore deductible in the assessment year corresponding to the completed accounting period, even though its precise quantification and entry were made later. en-us Tue, 17 Jul 1973 00:00:00 +0530 Fri, 19 Jun 2009 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9099 Statutory bonus liability under the Payment of Bonus Act, 1965 was treated as attributable to the relevant accounting year, because the Act applied to accounting years commencing in 1964 and the bonus had to be computed under the allocable surplus scheme for that period. Where accounts are kept on the mercantile system, a later quantified adjustment that validly relates back to the last day of the accounting year can be given effect in that year. The bonus was therefore deductible in the assessment year corresponding to the completed accounting period, even though its precise quantification and entry were made later. Case-Laws Income Tax Tue, 17 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9099