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2004 (7) TMI 84 - HC - Income TaxIn addition to the salary, assessee (a development officer) also received incentive bonus from the LIC of India. - whether incentive bonus was assessable as profits and gains of business or profession – authorities held that incentive bonus was assessable under the head "Salary", and, therefore, the assessee was only entitled to claim standard deduction under the provisions of section 16 of the Income-tax Act, 1961. - Since the matter is fully covered by the judgment of this court in B.M. Parmar's case, we are satisfied that the issue raised by the assessee does not give rise to any referable question of law for consideration by this court – However appeal is admitted for consideration of the following question of law: "Whether in the absence of any direction in the assessment order for levy of interest under sections 234B and 234C, the Assessing Officer could charge such interest while computing the tax liability?"
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