Income Tax Officer vs Elys Chemicals Lab. (P) Ltd.

Whether bonus payment exceeding statutory minimum under Payment of Bonus Act is deductible under Section 36(1)(ii) of Income Tax Act when agreement was made after accounting year --- Held No. Whether provisions of Section 40(c) or Section 40A(5) apply to remuneration paid to employee-directors --- Held Section 40(c) applies. Whether interest under Section 214 is payable on advance tax payments made during financial year but after due dates --- Held Yes. Whether appeal lies against non-grant of interest under Section 214 --- Matter remanded to CIT(A) for reconsideration.