https://www.taxtmi.com/caselaws?id=19404 The High Court held that bonus and commission paid to directors should be excluded when computing profits for the purpose of sections 80E and 80-I of the Income-tax Act. The Court emphasized that these amounts are part of business expenses and should be deducted before arriving at net profits. The Court ruled in favor of the Revenue, denying the deductions claimed by the assessee for the assessment years 1967-68 and 1968-69. The question for the assessment year 1969-70 was not addressed. No costs were awarded, and counsel's fee was set at Rs. 1,000. en-us Mon, 25 Jul 1994 00:00:00 +0530 Fri, 06 Nov 2009 10:22:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19404 The High Court held that bonus and commission paid to directors should be excluded when computing profits for the purpose of sections 80E and 80-I of the Income-tax Act. The Court emphasized that these amounts are part of business expenses and should be deducted before arriving at net profits. The Court ruled in favor of the Revenue, denying the deductions claimed by the assessee for the assessment years 1967-68 and 1968-69. The question for the assessment year 1969-70 was not addressed. No costs were awarded, and counsel's fee was set at Rs. 1,000. Case-Laws Income Tax Mon, 25 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19404