TaxTMI 
TaxTMI 
2002 (7) TMI 99
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....the Tribunal has referred the following question for our opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no deduction is allowable from the incentive bonus received by the Development Officers of the Life Insurance Corporation of India as incentive bonus is a part of salary?" The assessee is a salaried employee of the Life Insuranc....
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.... received, that is covered by the definition of "salary" and hence entitled only to those deductions, which are admissible for computation of income from salary. None appeared for the assessee. Heard learned counsel for the Revenue, Mr. Singhi. Learned counsel for the Revenue submits that when the Development Officer is full time salaried employee and his income has been assessed under the head....
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.... receipt forms part of income under the head 'Salary', then section 16 squarely applies. Under section 16, a standard deduction is prescribed. We, therefore, do not see any reason for coming to the conclusion that net incentive bonus alone was includible in the computation of income under the head 'Salary'. The word 'salary' under section 17(1)(iv) is very wide. The word 'salary' under section 17(....