https://www.taxtmi.com/caselaws?id=16353 Incentive bonus paid under an industrial settlement, and not as bonus governed by the Payment of Bonus Act, was treated as deductible under section 37 of the Income-tax Act, 1961. The court noted that once the payment fell outside the statutory bonus framework, its allowability was not confined by the bonus ceiling under section 36(1)(ii). The earlier view that incentive bonus is not subject to the statutory ceiling was followed, and the deduction was allowed in favour of the assessee. en-us Wed, 05 Mar 1997 00:00:00 +0530 Mon, 07 Sep 2009 12:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16353 Incentive bonus paid under an industrial settlement, and not as bonus governed by the Payment of Bonus Act, was treated as deductible under section 37 of the Income-tax Act, 1961. The court noted that once the payment fell outside the statutory bonus framework, its allowability was not confined by the bonus ceiling under section 36(1)(ii). The earlier view that incentive bonus is not subject to the statutory ceiling was followed, and the deduction was allowed in favour of the assessee. Case-Laws Income Tax Wed, 05 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16353