https://www.taxtmi.com/caselaws?id=276873 Bonus under the Income-tax Act was deductible only when the liability had accrued and crystallised, not when it remained contingent or merely provided for in the books. On the facts, the liability arose when the Industrial Tribunal made its award in January 1949, so the deduction was allowable in the assessment year 1950-51. The Taxation Laws (Part B States) (Removal of Difficulties) Order, 1950 was also held to validly apply to the computation of written-down value, as the statutory power to remove difficulties extended to the income-tax machinery for Part B States. The reference was therefore answered partly in favour of the assessee and partly on the validity of the Order. en-us Wed, 30 Nov 1960 00:00:00 +0530 Mon, 19 Nov 2018 17:56:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276873 Bonus under the Income-tax Act was deductible only when the liability had accrued and crystallised, not when it remained contingent or merely provided for in the books. On the facts, the liability arose when the Industrial Tribunal made its award in January 1949, so the deduction was allowable in the assessment year 1950-51. The Taxation Laws (Part B States) (Removal of Difficulties) Order, 1950 was also held to validly apply to the computation of written-down value, as the statutory power to remove difficulties extended to the income-tax machinery for Part B States. The reference was therefore answered partly in favour of the assessee and partly on the validity of the Order. Case-Laws Income Tax Wed, 30 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276873