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2016 (3) TMI 1444 - AT - Income TaxAddition of Additional Conveyance Allowance - HELD THAT:- We find that the first issue about additional conveyance allowance granted to DO of LIC is covered in favour of the assessee by this tribunal orderin the case of S. N. Mishra [1998 (12) TMI 111 - ITAT JABALPUR] this issue is covered in favour of the assessee. Addition on account of expenses incurred for the business of LIC to the extent of 40% of Incentive Bonus received from LIC - Instead of 40% as claimed by the assessee, deduction can be allowed to the extent of 30% of incentive bonus if it is found that the assessee has been able to establish that to that extent, actual expenses were incurred for increase of the business of LIC. Neither the A.O. nor the learned DR of the revenue could point out that any expenses out of Rs. 13,41,092.94 is not incurred for increase of the business of LIC. Under these facts, by respectfully following this judgment of T. K. Ginarajan [2013 (8) TMI 261 - SUPREME COURT] we hold that to the extent of 30% of incentive bonus which comes to Rs. 921,736/- should be allowed as deduction from Incentive bonus as against deduction of Rs. 12,28,982/- claimed by the assessee on account of expenses incurred for the business of LIC to the extent of 40% of Incentive Bonus Rs. 30,72,453/- received from LIC. This issue is decided partly in favour of the assessee.
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