https://www.taxtmi.com/caselaws?id=35890 The High Court of Bombay, in a case concerning the interpretation of section 40(c)(iii) of the Income-tax Act, 1961, ruled in favor of the assessee, a private limited company in the dyes and chemicals business. The court held that bonus and commission paid to employees during the relevant accounting year were deductible expenses and not subject to disallowance under section 40(c)(iii). The court emphasized that cash payments to employees did not fall within the scope of "benefit or amenity or perquisite" as per the legislative intent, thereby allowing the deduction and awarding costs to the assessee. en-us Fri, 27 Mar 1981 00:00:00 +0530 Wed, 17 Mar 2010 15:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35890 The High Court of Bombay, in a case concerning the interpretation of section 40(c)(iii) of the Income-tax Act, 1961, ruled in favor of the assessee, a private limited company in the dyes and chemicals business. The court held that bonus and commission paid to employees during the relevant accounting year were deductible expenses and not subject to disallowance under section 40(c)(iii). The court emphasized that cash payments to employees did not fall within the scope of "benefit or amenity or perquisite" as per the legislative intent, thereby allowing the deduction and awarding costs to the assessee. Case-Laws Income Tax Fri, 27 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35890