IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO. 19 OF 1990 INCOME TAX REFERENCE NO. 19 OF 1990 INCOME TAX REFERENCE NO. 19 OF 1990 The Commissioner of Income-tax, Bombay City-V, Bombay. ...Applicant V/s. M/s.Aristo Pharmaceuticals Pvt.Ltd. ...Respondent Mr.Parag Vyas for Applicant. None for Respondent. CORAM : CORAM : CORAM : V.C. DAGA AND V.C. DAGA AND V.C. DAGA AND A.S. AGUIAR, JJ. A.S. AGUIAR, JJ. A.S. AGUIAR, JJ. DATED : JULY 5, 2005. DATED : JULY 5, 2005. DATED : JULY 5, 2005. P.C. :- P.C. :- P.C. :- . By this reference under Section 256(1) of the Income-tax Act, 1961, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court :- "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that a sum of Rs.72,000/- paid by the assessee to the L.I.C. for the purchase of the deferred annuity policy on the life of its Managing Director is not a perquisite; rather it is salary and as such the - 2 - provisions of section 40(c) and 40A(5) of the Act are to be applied for the allowance of the claim for this payment?" . The above question is covered by the decision of this Court in the case of Commissioner of Income Tax Commissioner of Income Tax Commissioner of Income Tax V/s. Hico Products Pvt.Ltd. (No.1) (1993) 201 ITR Page V/s. Hico Products Pvt.Ltd. (No.1) (1993) 201 ITR Page V/s. Hico Products Pvt.Ltd. (No.1) (1993) 201 ITR Page 567 567 567. The question referred, therefore, is answered in favour of the Assessee and against the Revenue. Reference, accordingly, stands disposed of with no order as to costs. (A.S. AGUIAR, J.) (V.C. DAGA, J.) (A.S. AGUIAR, J.) (V.C. DAGA, J.) (A.S. AGUIAR, J.) (V.C. DAGA, J.)