2009 (7) TMI 322

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..... s court: "Whether the hon'ble Income-tax Appellate 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?" 2. Briefly stated the facts giving rise to the present reference are as follows: 3. The reference .....

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..... the Income-tax Act dated March 12, 1991, for the assessment year 1989-90 and dated February 28, 1992, for the assessment years 1990-91 and 1991-92. 5. In appeal, the learned Deputy Commissioner of Income-tax (Appeals), vide orders dated December 11, 1991, and January 27, 1993, following various decisions of the Income-tax Appellate Tribunal Benches and by making a reference of a decision of the .....

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..... the assessee was not maintaining books of account, the deduction allowed by the learned first appellate authority at 40 per cent. was considered to be reasonable. Thus, vide consolidated order dated January 25, 1994, rendered in I. T. A. Nos. 1378(Del)92 and 2028(Del)93 the Department's appeal were dismissed. 7. We have heard Sri A. N. Mahajan learned standing counsel for the Revenue and find tha .....

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