C I T UDAIPUR Vs. PESTICIDES INDIA LTD

JUDGEMENT

(1.) WE have heard the learned counsel for the parties.

(2.) THE substantial questions of law which arise for consideration, as framed at the time of admission of the appeal, are as under:- 1. Whether the bonus, the liability of which is not provided in the accounts, and which has not been incurred as an expenditure, can be deducted for the purposes of arriving at the total income u/s. 115j of the I. T. Act ? 2. Whether the guidance note of the Institute of Chartered Accountants could override the provisions of the Income Tax Act so as to compute deduction claimed under Sec. 80 HHC ?

(3.) THEREAFTER, the regular assessment was completed under Sec. 143 (3) by the Assessing Officer on 31. 3. 1990.