1988 (12) TMI 91

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....hree questions arise at the instance of the assessee in this 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, ....

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....e portion of the surplus statutorily payable to the Central 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 answ....