Bombay High Court Allows Deduction for Salary Arrears and Exgratia Bonus in Income Tax Appeal — Liability Under Palekar Award Accrued in Relevant Year. The Court held that provision for additional salary and wages arising from Justice Palekar Award and exgratia bonus paid over and above eligible bonus under Payment of Bonus Act are allowable as business expenditure under Section 37(1) of Income Tax Act, 1961.
8 Mar 2024The appellant, Indian Express Newspapers (Bombay) Ltd., engaged in printing and publishing, filed an appeal against the order of the Income Tax Appell...
