Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (1) TMI 24 - HC - Income TaxExpenses out of incentive bonus - "Whether, Tribunal was right in allowing deduction at 40 per cent, as expenses out of incentive bonus which was disallowed by the Assessing Officer in view of the definition of section 17(1)(iv) and confirmed by the Deputy CIT (Appeals), Rohtak?" - held that the Development Officers are whole-time employees of the Life Insurance Corporation of India who are employed for promoting and developing life insurance business. It cannot, therefore, be said that while working in the field they are doing work in a different capacity. It has also been held that whatever income is received by the Development Officers from the Life Insurance Corporation of India is by way of salary and has to be assessed under the same head - question referred by the Tribunal is answered in the negative, i.e., against the assessee
|