1984 (6) TMI 38

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....ULU J.-The following two questions of law are referred to this court under s. 256(1) of the I.T. Act, 1961 : "(1) Whether, on the facts and in the circumstances of the case, the assessee was entitled to deduct the sum of Rs. 44,582 and Rs. 7,682 as revenue expenditure for the assessment years 1966-67 and 1970-71 respectively ? (2) Whether, on the facts and in the circumstances of the case, a par....

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....rawing salary in excess of the statutory limit of Rs. 1,600 per month was disallowed under s. 40(c)(iii) of the I.T. Act, 1961. The bonus was paid in cash to the employees concerned. The preponderance of judicial opinion on this question is that the provisions of s. 40(c)(iii) and s. 40(a)(v), after amendment with effect from April 1, 1969, do not apply to allowances paid in cash to employees, as ....