https://www.taxtmi.com/caselaws?id=13114 The High Court held that the incentive bonus received by Development Officers of the Life Insurance Corporation (LIC) of India is assessable as part of "Salary" under the Income-tax Act. The Court ruled that no separate deduction beyond the standard deduction under section 16(i) is permissible for expenses related to earning the incentive bonus. The Court rejected the claim that a portion of the bonus should be deductible as expenses, emphasizing that the bonus is a form of additional payment for services rendered and should be treated as part of the salary. The Court ruled in favor of the Revenue, setting aside the Tribunal's order and restoring the assessments against the assessees. en-us Fri, 02 Nov 2001 00:00:00 +0530 Tue, 26 May 2009 14:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13114 The High Court held that the incentive bonus received by Development Officers of the Life Insurance Corporation (LIC) of India is assessable as part of "Salary" under the Income-tax Act. The Court ruled that no separate deduction beyond the standard deduction under section 16(i) is permissible for expenses related to earning the incentive bonus. The Court rejected the claim that a portion of the bonus should be deductible as expenses, emphasizing that the bonus is a form of additional payment for services rendered and should be treated as part of the salary. The Court ruled in favor of the Revenue, setting aside the Tribunal's order and restoring the assessments against the assessees. Case-Laws Income Tax Fri, 02 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13114