LIFE INSURANCE CORPORATION OF INDIA versus COMMISSIONER OF INCOME TAX
The Indian Income Tax Act 1961 Insurance Business Life Insurance Corporation The effect of section 7 of the LIC Act is to calculate the income of LIC's income by deducting its advance through the Life Insurance Corporation Act 1956, Section 7 Indian Income Tax Act 1961. The LIC is refunded in connection with the additional tax paid. Section 44, Schedule I, R 2 (1) (b) [Life Insurance Corporation of India v CIT (1978) 115 ITR 45 reversed]
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