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Income-Tax Officer vs Amreli Jilla Sahakari Kharid Vechan ... on 15 July, 1991 cites

Shahzada Nand & Sons vs The Commissioner Of Income Tax, Patiala on 12 April, 1977

11. Now we will deal with the cross objection submitted by the assessee for assessment year 1982-83 and assessment year 1983-84. The first common ground in assessment years 1982-83 and 1983-84 relates to disallowance of bonus of Rs. 13,000 and Rs. 20,585 confirmed by the CIT(A) on the ground that the said amount of bonus was paid in excess of the amount payable as per the provisions of payment of Bonus Act. This point has been discussed by the learned CIT(A) in para 4 and 13 of the consolidated order passed by him. The learned Sr. DR supported the order of the learned CIT(A). The learned counsel for the assessee contended that the bonus payment was made as per the provisions of Bonus Act to arrive at 20 per cent bonus as per the limits prescribed in the Bonus Act. Our attention was also invited towards the resolution passed by the society placed at page 36 of the paper book in which the said bonus payment of Rs. 13,000 has mentioned. Similar submissions were made with regard to bonus amounting to Rs. 20,585 paid for assessment year 1983-84, 11.1. After considering the Submissions made by the learned representatives and after going through the relevant details and resolution passed by the society, we are of the view that the amount of bonus paid to the staff amounting to Rs. 13,000 and Rs. 20,585 in these two years respectively are allowable as business expenditure, in view of second proviso to Section 36(1)(ii) read with judgment of Hon'ble Supreme Court in the case of Shahzada Nand & Sons v. CIT [1977] 108 ITR 358. The ITO is directed to allow deduction in respect of the same.
Supreme Court of India Cites 3 - Cited by 114 - P N Bhagwati - Full Document

Kerala Co-Operative Consumers' ... vs Commissioner Of Income-Tax on 15 July, 1987

It will also be worthwhile to add that deduction under Section 80P(2)(a)(i) is allowable in respect of income derived form the business of banking or providing credit facilities to its members. Such income should be derived on the amount of loan and not on the selling of goods on credit. The interest income derived on goods supplied on credit is not covered by the exemptions provided for in 80P(2)(a)(i). This view is fortified by the decision in Kerala Co-operative Consumers' Federation Ltd. v. CIT [1988] 170 ITR 455 (Ker.). The CIT(A) has therefore rightly denied grant of deduction in respect of this item in both the years under consideration.
Kerala High Court Cites 9 - Cited by 18 - K S Paripoornan - Full Document
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