1998 (11) TMI 77

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..... me-tax Appellate Tribunal referred the following question, relating to the consecutive assessment years 1982-83 to 1984-85 for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the assessee is entitled to deduction up to 40 per cent. of the incentive bonus received by him from the Life Insurance Corporation o .....

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..... rtain targets in terms of securing business, recruiting agents, training such agents and generally organising the business of the corporation. In earning this special allowance, certain expenses are incurred and to the extent to which such expenses are actually incurred by the assessee would be entitled to deduction. In the absence of verifiable vouchers, some estimate of expenditure for deduction .....

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..... case of the assessee before us also. We, therefore, set aside the order of the Appellate Assistant Commissioner in this regard and remit the matter back to the Income-tax Officer with a direction to allow deduction of expenditure up to 40 per cent. of the bonus or the actual expenditure incurred by the assessee, whichever is less, in earning the incentive bonus." The Tribunal's order relating to .....

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