1998 (12) TMI 50

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....ferred the following questions of law, which arose out of its order dated August 18, 1992, for the assessment years 1988-89 and 1990-91 for the opinion of this court: Question in R. A. No. 268/Chandi. of 1992 "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in allowing deduction at 40 per cent. of incentive bonus, when the asse....

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....y, exclusively as provided under section 10(14) of the Income-tax Act, 1961 ?" We will first deal with the only question in R. A. No. 268 for the assessment year 1988-89 and question No. 2 in R. A. No. 269 for the assessment year 1990-91, which is common and pertains to incentive bonus. The said question is concluded by the judgment of this court in Income-tax References Nos. 105 and 106 of 198....