1988 (12) TMI 91

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... his reference under section 256(1) of the Income-tax Act, 1961. They read thus : "(i) Whether, on the facts and in the circumstances of the case, the sum of Rs. 3,27,022, being the amount paid during the inter-valuation period ended March 31, 1967, towards compensation payable under section 36 of the Life Insurance Corporation Act, 1956, to chief agents and special agents was not expenditure ded .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Government under section 28 of the Life Insurance Corporation Act, 1956, and so paid is a permissible deduction from the surplus disclosed for the inter-valuation period ended March 31, 1967 ?" The issues involved have been decided by this court in the case of the assessee itself. Counsel are agreed that the first question must be answered in the negative and in favour of the assessee following .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X