[aaykarbhavan] Case remanded to decide I-T exemption on receipt of incentive bonus to meet exp. on procuring LIC business

Case remanded to decide I-T exemption on receipt of incentive bonus to meet exp. on procuring LIC business

May 15, 2014[2014] 44 taxmann.com 435 (Gujarat)/[2014] 222 Taxman 219 (Gujarat)(MAG)

IT : Where assessee, a Development Officer in LIC, received incentive bonus in order to reimburse expenditure required to be incurred for procuring business and claimed that part of incentive bonus was required to be exempted under provisions of Act, Commissioner was directed to decide issue keeping in view decision of Gujarat High Court rendered in case of CIT v. Kiranbhai H. Shelat [1999] 235 ITR 635

 

Regards

Prarthana Jalan

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