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1996 (2) TMI 5 - SUPREME COURT
Life Insurance Corporation - the sum of Rs. 29,39,959 being the refund of income-tax received by the Corporation during the inter-valuation period in respect of the income-tax up to the assessment year 1956-57 of the life insurance business of the erstwhile insurers whose business had been taken over by the Corporation, should be allowed as a deduction while computing the income of the assessee under rule 2(1)(b) of the First Schedule to the Income-tax Act, 1961