https://www.taxtmi.com/caselaws?id=24890 Where an assessee maintained no books of account and income was estimated from past results and comparable business cases, a separate deduction for statutory bonus paid to employees was permissible. The Tribunal treated the bonus as part of the factual computation of net profit, noting that earlier years and comparable handling contractor cases had reduced receipts by bonus and that the liability had been actually incurred and paid under bonus legislation. The High Court sustained that approach, holding that estimated income and related allowances based on commercial circumstances and past history will not be disturbed unless the estimate is arbitrary or capricious. en-us Wed, 23 Sep 1987 00:00:00 +0530 Sat, 23 Jan 2010 10:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24890 Where an assessee maintained no books of account and income was estimated from past results and comparable business cases, a separate deduction for statutory bonus paid to employees was permissible. The Tribunal treated the bonus as part of the factual computation of net profit, noting that earlier years and comparable handling contractor cases had reduced receipts by bonus and that the liability had been actually incurred and paid under bonus legislation. The High Court sustained that approach, holding that estimated income and related allowances based on commercial circumstances and past history will not be disturbed unless the estimate is arbitrary or capricious. Case-Laws Income Tax Wed, 23 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24890