1991 (2) TMI 39

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....surance company, assessment for the assessment year 1972-73, the Income-tax Appellate Tribunal has referred to this court the following three questions of law under section 256(1) of the Income-tax Act, 1961 : " (i) Whether the general reserves and taxation reserves are allowable expenditure ? (ii) If question No. 1 is answered in the affirmative, whether such expenditure or allowance would cate....