SESHASAYEE PAPER AND BOARDS LTD. versus COMMISSIONER OF INCOME-TAX
The business expenses will be deducted in the following years after the profit is received by the income tax revenue, eliminating the amount paid under the Bonus Act for the payment of bonus dues. Overriding title is not deferred by the Indian Income Tax Act, 1961, payment of Section 37 Indian Bonus Act, 1965 [India Carbon Ltd v CIT (1989) 180 ITR 117 and (1989) 75 FJR 287. (Guwahati) consensus]
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