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TMI Blog1995 (2) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs Rs 1987-88 98,100 1,69,100 1988-89 89,630 1,30,540 1989-90 1,16,640 1,63,030 The appellant had received commission from Irinjalakuda Branch of LIC as per details shown below: Asst. yr Financial year First year commission Renewal commission Total commission . . Rs Rs Rs 1987-88 1986-87 1,02,106 18,538 2,10,644 1988-89 1987-88 1,05,522 1,07,685 2,11,207 1989-90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On appeal, the learned CIT(A) declined to interfere. The assessee is in second appeal and has furnished a paper book consisting of the following particulars: (a) Details of gross LIC commission received by K.C.P. Menon, Kodungallur, from asst. yr. 1981-82. (b) Statement of total income and expenses for the asst. yr. 1987- 88; (c) Statement of total income and expenses for the asst. yr. 1988 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. This information is gleened from the list of persons who have insured through him and are to be found at pages 5 to 8 of the paper book. It is further seen that till the asst. yr. 1986-87, the percentage of income assessed to the total commission receipts ranged between 37% to 51.5%. In the immediately preceding year it was only 47%. However, in the impugned assessment years, the percentage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Murthy (1971) 79 ITR 333 (AP) wherein it was held that the gratuity paid by the LIC to an employee in accordance with the Agents Regulation Act, 1972 would be exempt under the IT Act. This is not a case of death-cum-retirement gratuity nor is it a gratuity received under the Payment of Gratuity Act, 1972, nor is it a gratuity received on retirement or on the assessee becoming incapacitated prior t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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