1985 (8) TMI 149

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....ect in directing that the sum of Rs. 11,600 is to be allowed as a deduction against the receipt of incentive bonus of Rs. 29,000 towards expenditure incurred for earning the income. 2. The assessee is a Development Officer of tee LIC and was paid a salary by the Corporations. He also received incentive bonus of Rs. 29,000. He claimed a deduction at 40 per cent of the expenses in respect of the ....

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....of the Revenue that the assessee is a whole-time employee of the LIC of India and the remuneration and bonus which is received from the employer consequently falls under the head 'salary' as defined under s. 17 of the Act, and that no deduction other than those specifically permitted under s. 16 could be allowed. it is also urged that the assessee has not maintained any record to prove that extent....

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....ration for earning the basic salary income, he has to put in efforts in propagating the virtues of insuring lives and securing business which forms the base for earning the inceptive bonus, that thus he was an agent of the Corporation insofar as that sector of his activity was concerned and the incentive bonus is income from profession. We agree with these conclusions reached by the Chandigarh Ben....