1995 (7) TMI 50

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.... This is an application under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "). Admittedly, the legal position is, not disputed that bonus amount paid to the workers is an allowable deduction under section 36(1)(ii) or under section 37 of the Act provided the same is paid in accordance with the statutory provisions of the Payment of Bonus Act, 1965, but under th....