1998 (10) TMI 48

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..... aw has been referred by the Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), for the assessment years 1989-90 and 1990-91 : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in upholding the Deputy Commissioner of Income-tax (Appeals)'s order allowing deduction at 40 per cent. out of incentive bonus rece .....

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..... . of India v. CIT [1999] 235 ITR 679 (P&H) (I. T. Ref. Nos. 105 and 106 of 1986). It has been held on October 27, 1998, that incentive bonus is assessable under the head "Salaries" and not under the head "Profits and gains of business or profession". It has been further held that deduction under section 16(i) of the Act is admissible under the head "Salaries" and no separate deduction on account o .....

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