https://www.taxtmi.com/caselaws?id=14368 The High Court ruled in favor of the Revenue, allowing the deductibility of an ex gratia payment exceeding the bonus under the Payment of Bonus Act as a business expenditure under section 37 of the Income-tax Act, 1961. Other issues raised by the Revenue, such as the valuation of closing stock and the deduction of surtax in computing taxable income, were either not referred for opinion or deemed unrelated to questions of law. en-us Wed, 21 Mar 2001 00:00:00 +0530 Wed, 15 Jul 2009 14:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14368 The High Court ruled in favor of the Revenue, allowing the deductibility of an ex gratia payment exceeding the bonus under the Payment of Bonus Act as a business expenditure under section 37 of the Income-tax Act, 1961. Other issues raised by the Revenue, such as the valuation of closing stock and the deduction of surtax in computing taxable income, were either not referred for opinion or deemed unrelated to questions of law. Case-Laws Income Tax Wed, 21 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14368