TMI Blog2018 (11) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... JKOT]. - Decided in favour of assessee for statistical purpose. - ITA No. 726/RJT/2014 - - - Dated:- 1-11-2018 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER For The Assessee : Written Submissions For The Revenue : Shri Praveen Verma, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Present appeal is directed at the instance of the assessee against order ld.CIT(A)-IV, Rajkot dated 8.10.2014 passed for the assessment year 2010-11. 2. Assessee has raised a number of grounds in its appeal memo, however, only issue involved in all these grounds is that the ld.CIT(A) has erred in confirming addition of ₹ 3,30,893/- made by the AO with the help of section 10(14) of the Income Tax Act, 1961. 3. Brief facts in this regard are that the assessee is a Development Officer with Life Insurance Corporation of India Ltd. ( LIC for short). He filed return of income on 25.5.2010 declaring total income at ₹ 13,81,040/-. This income includes an amount of ₹ 11,02,977/- representing incentive bonus received from LIC. Return of the assessee was selected for scrutiny assessment and notices under section 143(2) along wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic claim made by the assessee, we would like to take note of LIC s scheme formulated for considering certain development officers employed with it as Senior Business Associates ( SBAs for short). The SBAs were required to maintain the business at their premises and LIC would reimburse expenditure. We have taken cognizance of such scheme in the case of Nitinbhai T. Bhuptani Vs. ACIT, Cir.4, Rajkot in ITA Nos.13/RJT/2016 and others. Shri Bhuptani was Development Officer. We have taken cognizance of these appeals, and thereafter decided identical issues. The scheme reproduced in the Tribunal s order dated 18.4.2018 reads as under: Similarly During the accounting period there was senior business associates schemes as under. Eligibility Criteria: A Development Officer will be considered eligible to apply as Senior Business Associate if he/she (i) Has completed 5 years service. (ii) Has worked at a cost ratio of 3% or less in the last completed appraisal year. The cost ratio should be reckoned and rounded off to the nearest first decimal place; for example, if the cost ratio works to 3.04%, it should be taken as 3% and if it works to 3.05%, it should be taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ishra, Corampere, Baldyaball, Champdam, Bhadreshwar, Chadannagar, Hoogly, Chinsura, Budge Budge, Habra, Baruipur, Barasat and Uluberia. Agra, Ahmedabad, Bangalore, Bhopal. Coimbatore (Including Sulur), Gandhinagar, Goa (entire state),Hyderabad, Indore, Jaipur, Kanpur, Koichi, Lucknow, Ludhiana, Madurai ( including Tirunagar), Nagpur, Patna, Pune (including Pimpri Chinchwad). Surat, Vadodara, Varanasi, Vishakhapatnam (including Gajuwaka). All Other Places. Chennai Mumbai -including areas comparising within the limits of mumbai Muncipal Corporation (Greater Mumbai), Dombivlli, Kalyan, Thane, Bhawandi, Uthasnagar Bassein Muncipalities and Navi Mumbai New Delhi-Faridabad, Ghaziabad, gurgaon, Noida. The following benefits will be provided to such Senior Business Associates for marketing and customers related services: 1. One time interest free advance for making alternations in the office infrastructure, renovation, purchase of furniture etc. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Sr. Divisional Manger in-charge shall review the total transactions made and in case the Senior Business Associates has fulfilled the quarterly target based on the monthly target of the concerned months. He/she shall be paid the reimbursement towards Office maintenance including the month/s for which he could not achieve the benchmark. It may be noted that the deficit for a particular quarter shall not be carried forward to the next quarter. Additional reimbursement: The additional reimbursement allowed to such Senior Business Associates for collection of renewal premium/proposal deposits, submission and registration of E proposal shall be as shown below: I) A transaction fee of ₹ 5/- per policy for Collection of renewal premium proposal deposits. The transaction fee in case of proposal deposits will be paid when the BOC is adjusted to NB Premium. II) A transaction fee of ₹ 107- per policy for collection of Proposal Deposits, Submission and registration of E-proposal. No additional reimbursement will allowed to a Senior Business Associate for performing the add-on functions. In the event of a Development Officer joinin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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