1995 (2) TMI 104

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome returned Total income assessed . Rs Rs 1987-88 98,100 1,69,100 1988-89 89,630 1,30,540 1989-90 1,16,640 1,63,030 The appellant had received commission from Irinjalakuda Branch of LIC as per details shown below: Asst. yr Financial year First year commission Renewal commission Total commission . . Rs Rs Rs 1987-88 1986....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd 15% of the renewal commission in terms of Board's Circular and the balance of the expenditure was disallowed. 2. On appeal, the learned CIT(A) declined to interfere. The assessee is in second appeal and has furnished a paper book consisting of the following particulars: (a) Details of gross LIC commission received by K.C.P. Menon, Kodungallur, from asst. yr. 1981-82. (b) Statement of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed as an Agent but also in far away places like Tirunnelveli, Bombay, Poona, Trivandrum, Delhi, Chowghat, Kholapur, Faridabad, etc. This information is gleened from the list of persons who have insured through him and are to be found at pages 5 to 8 of the paper book. It is further seen that till the asst. yr. 1986-87, the percentage of income assessed to the total commission receipts ranged betwe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....xemption under s. 10(10) of the IT Act and relied on the decision of the Hon'ble Andhra Pradesh High Court in CIT vs. Gopalkrishna Murthy (1971) 79 ITR 333 (AP) wherein it was held that the gratuity paid by the LIC to an employee in accordance with the Agents Regulation Act, 1972 would be exempt under the IT Act. This is not a case of death-cum-retirement gratuity nor is it a gratuity received und....