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TMI Blog2003 (4) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... issued on January 6, 1984 and Circular No.648, dated March 30,1993 are not applicable to present case because in the case in hand, commission income is Rs. 1,73,715 – Thus, the commission income should be assessed and taxed in the hands of the assessee in accordance with the provisions of the Income-tax Act - In appeal, we cannot go into the question, as to what details are furnished and what det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant is more than Rs. 60,000 from the Life Insurance Corporation commission?" The appellant is a Life Insurance Corporation agent and an existing assessee since 1974-75 with the Income-tax Department. The appellant filed her income-tax return on January 29,1991, for the assessment year 1989-90 declaring an income for tax at Rs. 45,870. The appellant also received an income of Rs. 1,73, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30,1993, according to that the ceiling for allowing the expenses on commission income from the Life Insurance Corporation is Rs. 20,000. Therefore, he directed that the assessee is entitled for deduction only for Rs. 20,000. Mr. Kasliwal, learned counsel for the appellant, submits that as in the case of this very assessee, the assessment year is 1989-90, therefore, circular dated March 30,1993 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lar in the assessment year 1989-90 is the circular issued on January 6,1984. The circular of 1984 provides that if the commission income from the Life Insurance Corporation is less than Rs. 60,000, the expenditure may be allowed 50 per cent. on that commission income. As in the case in hand, commission income is Rs. 1,73,715, therefore, the circular of 1984 also has no application as to how the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice under section 143(2) of the Act, necessary details, as asked for, have been filed and placed on record. We are not concerned at this stage, with what was the expenditure, as that is a question of fact. In the interest of justice, we remit the matter back to the Assessing Officer with a direction to tax the commission income of the assessee in accordance with the provisions of law a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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