CIT Vs. MAHESHWARI BUILDERS

JUDGEMENT

(1.) THE aforesaid two cases have been referred to this court by the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur. Submitting a statement of case in each case, the following substantial question of law has been referred to this court for its opinion: Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that bonus was a part of the normal business expenditure was covered by the net profit rate applied to the instant case

(2.) BOTH the cases are in respect of the same assessee for successive assessment years 1985 -86 and 1986 -87.

(3.) WE may notice here that for the assessment year 1986 -87, Rs. 1,60,000 were paid by way of bonus.