1993 (11) TMI 241 - HC - Income Tax

Summary

The Bombay High Court upheld the Tribunal's decision regarding deduction of commission expenses for an agent of Life Insurance Corporation of India. The Court found no issue with the Tribunal's interpretation of the circular allowing a 50% deduction for commissions below Rs. 60,000. The revenue's application under section 256(2) was dismissed, and costs were awarded against them.