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4. Learned Counsel submits that instructions have been issued by the Registrar of the Co-operative Societies to the effect that over-due interest is not to be added to profit and loss account. Attention has been drawn towards the provisions of Section 4 of the Payment of Bonus Act, 1965 where it is provided that the gross profit derived by an employer from an establishment in respect of any accounting year shall

(a) in the case of a banking company, be calculated in the manner specified in the second schedule. So far as this provision is concerned, it is admitted position between the parties that the petitioner is a banking company and therefore calculation has to be made in the manner specified in the first Schedule. The first schedule provides in item No. 1 net profit as shown in the Profit and Loss Account after making usual and necessary provisions. Item No. 2 contemplates add back provision for (a) Bonus to employees

6. I have considered over the matter. From a perusal of Section 4 of the Bonus Act it is clear that calculation of gross profit shall be made in ac-

cordance with the manner specified in the first Schedule. Section 34 of the Payment of Bonus Act provides that subject to the provisions of Section 31A, the provisions of that Act shall have effect notwithstanding anything inconsistent there-

with contained in any other law for the time being in force or in terms of any award, agreement, settlement or contract of service. This provision makes it clear that if there is any inconsistency between the Payment of bonus Act and other laws, then the provision of Payment of Bonus Act shall be applicable. Section 31A is in respect of the special provision with respect to payment of bonus linked with production or productivity. We are not concerned with that provision. The provisions of the said Act in the first Schedule have to be taken into consideration in the light of the provisions contained in Section 34 of the Act. Any inconsistent provision of any other law would not have effect in the calculation of bonus on the basis of the procedure given under the first schedule to the Act. It may be observed that the Banking Regulation Act, 1949 provides the provision for application of other law and it is provided that the provisions of the Act shall be in addition to and not save expressly provided in derogation of the Companies Act and any other law for the time being in force. The controversy raised by the learned counsel is whether the Bonus Act provides inclusion of over-due interest or the same cannot be added in terms of the provisions of Rule-67 of the Rajasthan Co-operative Societies Rules, 1966 r/w Section 2 of the Banking Regulation Act. Learned Counsel for the respondents has also drawn my attention toward the instructions issued by the Reserve Bank of India wherein it is provided that overdue interest and bad and doubtful debts made out of the profits of the year may be added while computing 'gross profits' for the limited purpose of ex-gratia payment. The decision of this court in the case of Railway Employees Co-operative Banking Society V. Industrial Tribunal, WLN (UC) 1981-480 has been relied upon, which has laid down the proposition that in case there is inconsistency in the law made by the Parliament and the law made by the State Legislature then the law made by the Parliament shall prevail. It was found that the Bonus Act being self-contained Code so far as calculation of payment of Bonus is concerned, will prevail over the provisions of other Act and Rules. The provisions of Section 34 of the Payment of Bonus Act which was also taken into consideration also provides that the provisions of that Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in terms of any award, agreement, settlement or contract of service.

12. The matter is sent back to the Tribunal to proceed in accordance with the directions given above, namely the liability of the bonus shall be determined in accordance with the provisions of Payment of Bonus Act and the amount which has been specifically provided to be added in the Schedule has to be added.

13. The writ petition stands disposed of with the above directions.