Commissioner Of Income-Tax,A.p.i., Hyderabad v. Sri S.ramachandra Reddy, Hyderabad

THE HON’BLE SRI JUSTICE B.PRAKASH RAO AND THE HON’BLE SRI JUSTICE RAMESH RANGANATHAN PER THE HON’BLE SRI JUSTICE B. PRAKASH RAO R.C.NO.77 OF 1996 DT.16.06.2010 Between: Commissioner of Income-tax,A.P.I., Hyderabad Vs. Sri S.Ramachandra Reddy, Hyderabad ……..Applicant ……..Respondent. O R D E R: (per the Hon’ble Sri Justice B.Prakash Rao) Heard Sri S.R.Ashok and V.R.Badri, learned StandingCounsels appearing for the applicant. None appeared for therespondent though served. The question referred by the Tribunal reads as follows: “Whether on the facts and in the circumstances of the case,the ITAT was justified in law in holding that the assessee, asalaried employee of LIC was entitled to deduction of 40% on theincentive bonus received from his employer?” Now, it is reported by the learned standing counsel that theissue involved in this R.C. is squarely covered by the decision ofthis Court in COMMISSIONER OF INCOME-TAX v. B.CHINNAIAH AND OTHERS[[1]], which was answered in favour ofthe Revenue. In view of the aforesaid decision, this R.C. is answered. Noorder as to costs. ________________ B.PRAKASH RAO J., Dt.16.06.2010Rns ________________________ RAMESH RANGANATHAN J., [1]ITR VOL.214, PAGE 368