2001 (8) TMI 90

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....urt has directed the Tribunal to refer the following question set out at page 2 of the paper book for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the order passed by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, is legal and valid and whether the Tribunal is justified in holding that the additional sum of Rs.1,45,595 wa....

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.... been paid as bonus to the assessee's employees/workers. In appeal before the Tribunal, the Tribunal has followed the decision of this court in the case of General Beopar Co. (P.) Ltd. v. CIT [1987] 167 ITR 86, and held that the Commissioner of Income-tax has no jurisdiction to exercise his revisionary power under section 263 of the Act. None appeared for the assessee. Heard learned counsel ....

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....onus Act. Their Lordships in Hukumchand Jute Mills Ltd. v. Second Industrial Tribunal [1979] 54 FJR 391 (SC) observed as under: "We may straightaway dispose of the argument based on section 3 1A. That relates to bonus linked with production or productivity in lieu of bonus based on profits. We are not concerned with such a situation and we agree that in regard to productivity bonus, section 31-....

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....is as to whether customary bonus, as claimed in this case, is impaired or eliminated by the 1976 amendment Act. Moreover, both parties have agreed that throughout they have been dealing with customary bonus only and whenever there has been a settlement or agreement it has been not the source of the right but the quantification thereof. The claim was rooted in custom but quantified by contract. It ....