https://www.taxtmi.com/caselaws?id=190064 The Jammu and Kashmir High Court held that the incentive bonus spent by Development Officers of the Life Insurance Corporation of India for procuring business should be exempt from taxation. The court determined that the circular issued by the Central Board of Direct Taxes (CBDT) carries legal weight, making the portion of the bonus used for business activities non-taxable. The appeal was allowed, and the case was remanded to the Income Tax Officer to ascertain the amount spent on business procurement for granting the exemption, in line with the CBDT circular. en-us Fri, 30 Aug 2002 00:00:00 +0530 Thu, 02 Feb 2017 17:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190064 The Jammu and Kashmir High Court held that the incentive bonus spent by Development Officers of the Life Insurance Corporation of India for procuring business should be exempt from taxation. The court determined that the circular issued by the Central Board of Direct Taxes (CBDT) carries legal weight, making the portion of the bonus used for business activities non-taxable. The appeal was allowed, and the case was remanded to the Income Tax Officer to ascertain the amount spent on business procurement for granting the exemption, in line with the CBDT circular. Case-Laws Income Tax Fri, 30 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190064