Supreme Court · 1964 INSC 126 · Decided 17 April 1964
The Commissioner of Income-Tax, Madhya Pradesh, Nagpur v. Swadeshi Cotton and Flour Mills
- Court
- Supreme Court of India
- Citation
- 1964 INSC 126 · [1964] 7 S.C.R. 810
- Case number
- CIVIL APPEAL No. 587/1963
- Decided
- 17 April 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Industrial Disputes Act; Income Tax Act Section 10(2)(x)
Headnote
lncome Tax-Deduciion of bonus-Bonus relating to 1947 paid in 1949-Claim for deduction for account year 1949-Sys­ tem of accounting by assessee-Principle of reopening of ac­ c-ounts-lf applicable-Indian Income-tax Act, 1922 (11 of 1922), ss. 10(2)(x), 10(5). The respondent company paid to as bonus for tbe year 1947 in the calendar year 1949, as a result of tbe award of the Industrial Tribunal dated January 13, 1949. This amount was debited by the company in its profit and loss account for the year 1948 and the corresponding credit was given to the bonus p'l)'able
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