1992 (6) TMI 44 - AT - Income Tax

Summary

The appeal was filed against the order of the First Appellate Authority regarding the disallowance of premia Rs. 41,790 under s. 40A(7). The Tribunal allowed the appeal, stating that the amount was allowable under s. 37(1) and not covered by the prohibition in s. 40A(7)(a), falling under the exception in s. 40A(7)(b)(i).