1983 (12) TMI 126 - AT - Income Tax

Summary

The appeal was against the CIT's order under s. 263 of the IT Act, 1961, regarding deduction of commission from LIC income. The CIT held that the deduction should be restricted to Rs. 10,000 based on a CBDT circular. The tribunal ruled that the circular was a guideline and not binding, allowing the deduction claimed by the assessee. The appeal was allowed.