1988 (12) TMI 91 - HC - Income Tax

Summary

The High Court of Bombay decided on three questions related to deductions under the Income-tax Act, 1961. The first question was answered in favor of the assessee, while the second and third questions were answered in favor of the Revenue. The judgments cited were Life Insurance Corporation of India v. CIT [1979] 119 ITR 900 and Life Insurance Corporation of India v. CIT [1978] 115 ITR 45.