9911796707
TMI Blog2002 (7) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... in the circumstances of the case, the Tribunal was right in holding that no deduction is allowable from the incentive bonus received by the Development Officers of the Life Insurance Corporation of India as incentive bonus is a part of salary?" The assessee is a salaried employee of the Life Insurance Corporation of India (hereinafter to be referred to as "the LIC" for short). In addition to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons, which are admissible for computation of income from salary. None appeared for the assessee. Heard learned counsel for the Revenue, Mr. Singhi. Learned counsel for the Revenue submits that when the Development Officer is full time salaried employee and his income has been assessed under the head "Salary", whatever he receives including the income in the form of incentive bonus, that forms pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 16, a standard deduction is prescribed. We, therefore, do not see any reason for coming to the conclusion that net incentive bonus alone was includible in the computation of income under the head 'Salary'. The word 'salary' under section 17(1)(iv) is very wide. The word 'salary' under section 17(1) is an inclusive definition. It includes any fees, commissions, perquisites or profits in lieu of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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