Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 322 - ALLAHABAD HIGH COURT“Whether Tribunal was legally correct in confirming the action of Deputy Commissioner (Appeals) to allow the assessee’s claim for deduction to the extent of 40 per cent. of the amount received as incentive bonus particularly when it is the part of salary?” - respondent-assessee is a development officer with Life Insurance Corporation of India. In all the three assessment years he had received incentive bonus from Life Insurance Corporation against which he had claimed certain expenditure. The Assessing Officer was of the view that incentive bonus was part and parcel of the assessee’s income under the head “Salary” and as such he was entitled to only standard deduction under section 16(i) - held that deduction permissible under section 16(i) of the Act alone is available to a salaried employee like a Development Officer in Life Insurance Corporation of India and it cannot claim any other deduction.
|