erred in
disallowing the bonus amounting to Rs.21,636,500
paid by the appellant to its employees (who are also
shareholders of the appellant ... ignored
the fact that the ratio of bonus paid by the appellant is
different from the ratio of the shareholding of the
shareholders employee
following docket Note :
" In these appeals, the question is whether the bonus paid by the assessee was customary bonus or ex gratia ... Income-tax Appellate Tribunal held it to be customary bonus and hence allowable. Its decision did not travel beyond as the High Court rejected
account which has been added u/s.68. In six
cases, the bonus share issued by the respective assessee
company has also been added ... Share Capital (including
bonus shares of Rs.
18,22,80,000/-) - section 68
10. Starlight Consumer Electronic
Consulting Ltd. capitalized part of its free reserves/profit by issuing bonus shares. Each shareholder was issued one equity share of Rs. 10/- as bonus ... shares of M/s HCL Consulting Ltd. after such issue of bonus shares. The share capital of M/s HCL Consulting Ltd. was consolidated
income of the Appellant by treating the amount
declared and allocated as bonus for policyholders as part of the
actuarial surplus being liable ... Life Insurance Company Limited).
incremental FFA, ` 1418584000 in respect of bonus declared to the policy
holder and ` 22023000 for the provision for doubtful debts
have erred in disallowing the bonus amounting to Rs.
29,593,000 paid by the appellant to its employees (who are also shareholders ... dividend. The Ld. AO has ignored the fact that the ratio of
bonus paid by the appellant is different from the ratio of the shareholding
Krishnan (1997) 228 ITR 557 (Mad) in which it was concluded that bonus is a winnings from lottery and not business income. The Bench further ... comprising prizes on unsold tickets, unclaimed prizes, agents' and stockists bonus unclaimed, is liable to be taxed as profits and gains of business
erred in disallowing
the bonus amounting to Rs.23,340,000 paid by the
appellant to its employees (who are also shareholders
of the appellant ... ignored the
fact that the ratio of bonus paid by the appellant is
different from the ratio of the shareholding of the
shareholders employee
5037/DEL/2019 21
PB 741-771 is the Sample copy of Bonus register maintained as per
requirement of 'The payment of Bonus ... showing actual payment
proof of bonus to employees.
PB 772-777 is the Sample copy of Leave register maintained as per
legal requirement
grounds of appeal: -
1) Disallowance of Rs. 53,27,950/-, deduction of bonus claimed
u/s 43B.
2) Disallowance of Rs. 36,92,020/-, deduction ... deduction of Rs. 53,27,950/- u/s 43B in respect of bonus for
Asstt. Year 1997-98, paid during the year under consideration
