2003 (5) TMI 24

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.... This court at the time of admission had framed the following question of law: "Whether the learned Tribunal is justified in setting aside the orders passed by the lower authorities disallowing the assessee's claim of deduction towards conveyance allowance and additional conveyance allowance and while doing so, whether the learned Tribunal has correctly interpreted the provision of sections 16,....

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....of the incentive bonus on the basis of the actual expenditure. The adjustment made by the Assessing Officer under section 143(1)(a) was accepted by the assessee. Later on, the Assessing Officer reopened the assessment on the ground that there was escapement of income to the extent of Rs. 27,539, i.e., the deduction allowed in respect of incentive bonus. The assessee feeling aggrieved by the order ....

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....case of Shri S.N. Mishra, the Income-tax Appellate Tribunal, Jabalpur Bench, has come to the conclusion that the actual expenditure incurred out of incentive bonus is to be allowed. In this case, the assessee had incurred the actual expenditure of Rs, 27,789, while the deduction allowed was only Rs. 27,539. Thus, it cannot be said that any income had escaped assessment. Therefore, in my opinion, i....