https://www.taxtmi.com/caselaws?id=384859 The Tribunal upheld the Ld. CIT(A)'s decisions in a case involving the addition of bonus payable under section 43B of the Income Tax Act and the disallowance of closing allowance. The Tribunal found that the bonus payable was transferred to employees' bank accounts before the due date, meeting section 43B requirements. Additionally, the closing allowance was deemed quantifiable and incurred for business purposes, thus allowable under section 37(1) of the Act. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decisions of the Ld. CIT(A) on both issues. en-us Tue, 06 Aug 2019 00:00:00 +0530 Sun, 25 Aug 2019 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384859 The Tribunal upheld the Ld. CIT(A)'s decisions in a case involving the addition of bonus payable under section 43B of the Income Tax Act and the disallowance of closing allowance. The Tribunal found that the bonus payable was transferred to employees' bank accounts before the due date, meeting section 43B requirements. Additionally, the closing allowance was deemed quantifiable and incurred for business purposes, thus allowable under section 37(1) of the Act. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decisions of the Ld. CIT(A) on both issues. Case-Laws Income Tax Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384859