1998 (10) TMI 48 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that incentive bonus received by a Development Officer of the Life Insurance Corporation of India is assessable under the head "Salaries" and not "Profits and gains of business or profession." Deduction under section 16(i) of the Income-tax Act is admissible under the head "Salaries," and no separate deduction for expenditure is allowed. The court's decision was based on a previous case and was in favor of the Revenue and against the assessee.