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TMI Blog2016 (3) TMI 1444X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses were incurred for increase of the business of LIC. Neither the A.O. nor the learned DR of the revenue could point out that any expenses out of Rs. 13,41,092.94 is not incurred for increase of the business of LIC. Under these facts, by respectfully following this judgment of T. K. Ginarajan [ 2013 (8) TMI 261 - SUPREME COURT ] we hold that to the extent of 30% of incentive bonus which comes to Rs. 921,736/- should be allowed as deduction from Incentive bonus as against deduction of Rs. 12,28,982/- claimed by the assessee on account of expenses incurred for the business of LIC to the extent of 40% of Incentive Bonus Rs. 30,72,453/- received from LIC. This issue is decided partly in favour of the assessee. - ITA No.902/LKW/2014 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after verifying that it was actually spent in full. Learned D. R. of the Revenue supported the orders of the authorities below. 4. We have considered the rival submissions. We find that the first issue about additional conveyance allowance granted to DO of LIC is covered in favour of the assessee by this tribunal order cited by learned AR of the assessee and learned DR of the revenue did not point out any difference in law or in facts. Therefore, respectfully following this tribunal order, this issue is decided in favour of the assessee. 5. Regarding the second issue, learned AR of the assessee submitted that after 01.04.1989, this issue is covered in favour of the assessee as per the judgment of Hon ble Apex Court rendered in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . nor the learned DR of the revenue could point out that any expenses out of Rs. 13,41,092.94 is not incurred for increase of the business of LIC. Under these facts, by respectfully following this judgment of Hon ble Apex Court rendered in the case of T. K. Ginarajan vs. CIT (Supra), we hold that to the extent of 30% of incentive bonus which comes to Rs. 921,736/- should be allowed as deduction from Incentive bonus as against deduction of Rs. 12,28,982/- claimed by the assessee on account of expenses incurred for the business of LIC to the extent of 40% of Incentive Bonus Rs. 30,72,453/- received from LIC. Since, we are following the judgment of Hon ble Apex Court, other judgments of various High Courts including that of Hon ble Allahabad H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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