1990 (11) TMI 119

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....ondent herein paid to its employees during the assessment years 1980-81 and 1981-82 profit bonus, production bonus and ex gratia amount. So far as the profit bonus is concerned, though the Income-tax Officer did not allow the deduction, the Commissioner of Income-tax as well as the Income-tax Appellate Tribunal allowed the deduction, in our view rightly, under the first proviso to section 36(1)(ii....