JUDGMENT
By the Court
On an application filed under section 256(1) of the Income Tax Act, 1961, 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 ?”
2. None appeared for the assessee. Heard Mr. Singhi, learned counsel for the revenue.
3. The identical question has been considered by this court in the case of this very assessee in Income Tax Reference No. 18/1995 H.M. Pareek v. CIT (2002) 257 ITR 790 (Raj), wherein this court has taken the view that once the incentive bonus forms part of the salary, there is no question of deduction out of that incentive bonus amount.
Following the view, we find no infirmity in the order of the Tribunal.
In the result we answer the question in affirmative, i.e., in favour of revenue and against the assessee.
Reference so made stands disposed of accordingly.
OPEN