https://www.taxtmi.com/caselaws?id=49387 A bonus liability finally determined by an industrial tribunal award was treated as deductible against the profits of the accounting year to which it related for income-tax purposes. The Supreme Court's reasoning, applied on the same footing as the connected contemporaneous decision, was that where the liability is crystallised and referable to the relevant previous year, the deduction is allowable against that year's profits for assessment year 1950-51. The claim was therefore allowed in favour of the assessee. en-us Fri, 17 Apr 1964 00:00:00 +0530 Thu, 30 Aug 2018 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49387 A bonus liability finally determined by an industrial tribunal award was treated as deductible against the profits of the accounting year to which it related for income-tax purposes. The Supreme Court's reasoning, applied on the same footing as the connected contemporaneous decision, was that where the liability is crystallised and referable to the relevant previous year, the deduction is allowable against that year's profits for assessment year 1950-51. The claim was therefore allowed in favour of the assessee. Case-Laws Income Tax Fri, 17 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49387