THE INDIAN OXYGEN & ACETYLENE CO.,PRIVATE LTD., BOMBAY vs ITS WORKMEN & ANOTHER

The Supreme Court held that the Industrial Tribunal was bound to apply the Full Bench formula for calculating bonuses under the Industrial Disputes Act. The Tribunal's rejection of the employer's claim for rehabilitation was overturned, affirming that the employer's claim for rehabilitation must be considered. The Court also clarified that the method of weighted average for calculating the average life of assets is scientifically accurate and should include rehabilitation costs of exhausted assets if they were in existence during the relevant years.