Law:

Section:

Section 4 of the Income-tax Act, 1961 - Income - Chargeable as - Assessment year 1997-98 - Assessee was a development officer of LIC and received incentive bonus in addition to salary - Assessee claimed that incentive bonus was assessable as business income and claimed various expenses as deductions against said income - Authorities held that in view of law laid down in B.M. Parmar, Development Officer, LIC of India v. CIT [1999] 235 ITR 679/ 102 Taxman 552 (Punj. & Har.) incentive bonus was assessable under head 'Salary' and, therefore, assessee was only entitled to claim standard deduction - Whether authorities were justified in rejecting assessee's claim and, therefore, no question of law arose - Held, yes CASE REFERRED TO B.M. Parmar, Development Officer, LIC of India v. CIT [1999] 235 ITR 679/ 102 Taxman 552 (Punj. & Har.) [Para 3]. P.C. Jain for the Appellant. JUDGMENT 1. This appeal has been filed by the assessee against the order of the Income-tax Appellate Tribunal, Delhi Bench, "SMC-II", New Delhi (for short "the Tribunal"), dated 17-12-2003 for assessment year 1997-98. 2. Mr. P.C. Jain, learned counsel for the appellant, firstly challenged the finding of the Tribunal that the incentive bonus received by the assessee from the Life Insurance Corporation of India was assessable under the head 'Salary'. 3. Assessee is a development officer of the Life Insurance Corporation of India. In addition to the salary, he also received incentive bonus from the Life Insurance Corporation of India. Assessee claimed that the incentive bonus was assessable as business income and claimed various expenses as deductions against the said income. All the authorities below held that in the light of the law laid down by this Court inB.M. Parmar, Development Officer, LIC of India v. CIT [1999] 235 ITR 679 , incentive bonus was assessable under the head salary and, there fore, the assessee was only entitled to claim standard deduction under the provisions of section 16 of the Income-tax Act, 1961. Accordingly, the assessee's claim for treating incentive bonus as business income was rejected and consequently the expenses claimed against the said income were not…

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