9911796707
TMI Blog1996 (7) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal, Amritsar Bench, to this court for its opinion under section 256(2) of the Income-tax Act, 1961 (for short, "the Act") : "Whether, on the facts and in the circumstances of the case, the learned Tribunal is right in law in upholding the Deputy Commissioner of Income-tax (Appeals)' order allowing deduction at 40 per cent. out of incentive bonus received by the assessee, who is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eded. The Tribunal upheld the order of the Deputy Commissioner whereby deduction at the rate of 40 per cent. had been allowed from the income by way of incentive bonus. An application was moved before the Tribunal under section 256(1) of the Act asking for a reference of the question regarding the deductibility on account of expenditure from the amount of incentive bonus. Though the Tribunal agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es that filing of the Departmental appeal/reference should be selective. The authorities were reminded that guidelines had been issued laying down monetary limit of revenue effect of Rs. 10,000 for filing appeals before the Appellate Tribunal, Rs. 30,000 for references before the High Court and Rs. 60,000 for appeals to the Supreme Court. These guidelines were, however, required to be adhered to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Rs. 86,625. It is also stated that many other cases of similarly situated persons are pending before the tax authorities and, in the light of the total tax effect of similar other cases, reference could not be declined by the Tribunal simply for the reason that the tax effect during the year under reference was less than Rs. 30,000. The case of the assessee is that incentive bonus was earned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orities from seeking a reference. The Income-tax Appellate Tribunal, Amritsar Bench, is directed to state the case and refer the following question of law to this court for opinion : "Whether, on the facts and in the circumstances of the case, deduction on account of expenses at the rate of 40 per cent. may be allowed from the amount of incentive bonus received by the assessee as an employee (De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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