This is a linker flag, so you would need to pass it to your linker rather than "nmake". That is, in your Windows makefile when building from command line, you will need to find the linker invokation and pass the argument in there. Pseudo code follows:
foo: $(LD_COMMAND) /INCREMENTAL:NO
What you could is open up a qmake project file and write this:
QMAKE_LFLAGS_RELEASE = /INCREMENTAL:NO
Then, you could invoke the qmake command, and see the Makefile generated. Look for "/INCREMENT:NO" then, and the same way, you would need to put it into your Makefile if you create it in a different way.
Otherwise, it will just work if you qmake for the Makefile generation, provided you are picking up the appropriate spec file for your toolchain and environment.