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TMI Blog2009 (7) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... unt received as incentive bonus particularly when it is the part of salary?” - respondent-assessee is a development officer with Life Insurance Corporation of India. In all the three assessment years he had received incentive bonus from Life Insurance Corporation against which he had claimed certain expenditure. The Assessing Officer was of the view that incentive bonus was part and parcel of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of salary?" 2. Briefly stated the facts giving rise to the present reference are as follows: 3. The reference relates to the assessment years 1989-90 to 1991-92. 4. The respondent-assessee is a development officer with Life Insurance Corporation of India. In all the three assessment years he had received incentive bonus from Life Insurance Corporation against which he had claimed certain expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing various decisions of the Income-tax Appellate Tribunal Benches and by making a reference of a decision of the hon'ble Bombay High Court, directed the Assessing Officer to allow deduction at 40 per cent. of the receipts on account of incentive bonus in all the three years. 6. Being aggrieved by the aforesaid orders of the learned first appellate authority, the came up in appeals before the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal were dismissed. 7. We have heard Sri A. N. Mahajan learned standing counsel for the Revenue and find that this court in CIT v. M. S. Bagga [2006] 284 ITR 577 has held that deduction permissible under section 16(i) of the Act alone is available to a salaried employee like a Development Officer in Life Insurance Corporation of India and it cannot claim any other deduction. 8. Respectfully ..... X X X X Extracts X X X X X X X X Extracts X X X X
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