https://www.taxtmi.com/caselaws?id=49586 The Supreme Court upheld the High Court's decision, affirming that the Excess Profits Tax Officer has the discretion under rule 12(1) to disallow excessive bonus payments as deductions. The Court also ruled that the company's obligation to pay bonuses without deducting excess profits tax was not valid, as the payments were deemed unreasonably high and unnecessary. The appeal was dismissed, and costs were awarded against the appellant. en-us Thu, 14 May 1959 00:00:00 +0530 Thu, 04 Sep 2014 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49586 The Supreme Court upheld the High Court's decision, affirming that the Excess Profits Tax Officer has the discretion under rule 12(1) to disallow excessive bonus payments as deductions. The Court also ruled that the company's obligation to pay bonuses without deducting excess profits tax was not valid, as the payments were deemed unreasonably high and unnecessary. The appeal was dismissed, and costs were awarded against the appellant. Case-Laws Income Tax Thu, 14 May 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49586