1992 (2) TMI 76

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....under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Cuttack Bench, Cuttack (in short "the Tribunal") : "Whether, in the facts and on the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in allowing the assessee's claim of expenditure to the extent of 40% of the incentive bonus received and included in the ....

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....es. The Assessing Officer held that the incentive bonus was a part of the salary and, therefore, no expenses were to be allowed in respect thereof and that only standard deduction under section 16(1) of the Act was to be allowed. In appeal by the assessee, the Appellate Assistant Commissioner of Incometax set aside the conclusion and held that the incentive bonus was earned by the assessee by perf....

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....ourt and, as aforestated, the question has been referred to us for adjudication. Learned counsel for the Revenue states that, in view of the categorical conclusion and finding of the Tribunal that the incentive bonus was nothing but part and parcel of the salary of the assessee, the further conclusion that expenses are to be allowed is a contradiction in terms. The assessee's counsel, however, ....