1987 (3) TMI 87

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at the instance of the assessee under section 256(1) of the Income-tax Act. Counsel are agreed that the answer to the first question is governed by the decision of this court in the assessee's own case in Life Insurance Corporation of India v. CIT [1979] 119 ITR 900, and that the expenditure is deductible. Counsel are agreed that the answers to be given to questions Nos. 3(i) and 3(ii) are gover....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rance Corporation Act, 1956, in accordance with the principles contained in the First Schedule to the said Act was not an expenditure deductible under section (sic) of the Indian Incometax Act, 1922, sections 30 to 43 of the Income-tax Act, 1961?" The assessee took over the business of certain insurance companies. There was a dispute as to the quantum of compensation payable to the insurance comp....