Bonus paid before ITR due date cannot be disallowed: ITAT Jaipur

Rajasthan Knowledge Corporation Ltd. Vs ACIT (ITAT Jaipur) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Jaipur has set aside the disallowance of Rs. 14,03,538/- paid as bonus by Rajasthan Knowledge Corporation Ltd. The Tribunal’s decision, pronounced today, comes after the assessee-appellant challenged an order from the National Faceless Appeal Centre (NFAC), Delhi, which had confirmed the disallowance. The NFAC’s order, dated January 16, 2025, had upheld the Assessing Officer’s (AO) action, citing the assessee’s failure to meet the mandatory condit...