https://www.taxtmi.com/caselaws?id=23100 Amount carried forward as "set on" under section 15 of the Payment of Bonus Act, 1965 was treated as a contingent provision for a possible future shortfall, not as a current liability of the relevant accounting year. The liability for that year was confined to the statutory minimum and maximum bonus under sections 10 and 11, and the set-on amount did not qualify as expenditure laid out for business purposes or as a deductible liability in computing total income under the Income-tax Act, 1961. The reference was answered against the assessee, and the amount was held not deductible. en-us Mon, 15 May 1989 00:00:00 +0530 Wed, 16 Dec 2009 17:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23100 Amount carried forward as "set on" under section 15 of the Payment of Bonus Act, 1965 was treated as a contingent provision for a possible future shortfall, not as a current liability of the relevant accounting year. The liability for that year was confined to the statutory minimum and maximum bonus under sections 10 and 11, and the set-on amount did not qualify as expenditure laid out for business purposes or as a deductible liability in computing total income under the Income-tax Act, 1961. The reference was answered against the assessee, and the amount was held not deductible. Case-Laws Income Tax Mon, 15 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23100