Law:

Section:

Section 16 of the Income-tax Act, 1961 - Salaries - Standard deduction - Assessment years 1984-85 and 1985-86 - Assessee, a Development Officer in LIC, received incentive bonus and also incurred certain expenditure which he claimed as deduction - ITO treated incentive bonus as a part of salary and disallowed claim of expenditure - Whether in view of decision of Allahabad High Court in CIT v. Ganesh Chand Saxena [IT Reference No. 30 of 1989, dated 22-12-2004], Tribunal was justified in holding that incentive bonus earned by assessee was business income and expenditure incurred for earning same was an allowable deduction - Held, no CASE REFERRED TO CIT v. Ganesh Chand Saxena [IT Reference No. 30 of 1989, dated 22-12-2004] [Para 5]. A.N. Mahajan for the Applicant. R.S. Agrawal for the Respondent. ORDER 1. The Income-tax Appellate Tribunal, Allahabad, referred the following questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') for opinion to this Court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the incentive bonus paid to Development Officer of Life Insurance Corpn. of India is not chargeable to the tax under the head 'Salary' ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the incentive bonus earned by Development Officers of LIC is business income and…

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