2005 (3) TMI 54

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..... correct in law in holding that the incentive bonus earned by the Development Officers of LIC is business income and expenditure incurred in earning incentive bonus is an allowable deduction?" - We, answer both the questions referred to us in the negative, i.e., in favour of the Revenue and against the assessee - - - - - Dated:- 15-3-2005 - Judge(s) : R. K. AGRAWAL., PRAKASH KRISHNA. JUDGMENT .....

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..... and 1985-86. Briefly stated the facts giving rise to the present reference are as follows: The respondent-assessee is a Development Officer in Life Insurance Corporation of India, Kanpur. He has received incentive bonus and also incurred certain expenditure, which he claimed as deduction. The Income-tax Officer treated the incentive bonus as a part of the salary and disallowed the claim of ex .....

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