' SALEEM AKHTAR, J.--The applicant is an insurance company and carries a general insurance business. In respect of assessm ent year 1974-75 the applicant incurred management expenses beyond the limits prescribed under the Insurance Rules. Accordingly the Income Tax Officer disallowed a sum of Rs,2,85,520 which was added back to income. In appeal the Appellate Assistant Commissioner deleted this add back. The Department then filed an appeal before the Tribunal which was dismissed. An application for refercence filed by the department was also dismissed as the question proposed by the applicant had conclusively been decided by the High Court. The applicant then filed application under Section 66 (2) of the Income Tax Act raising the following question:- "Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was justified in holding the sum of Rs,2, 85, 580 claimed as management expenses being in excess and in contravention of the maximum prescribed in this behalf under Rule 40 of the Insurance Rules were admissible."
The same question came up for consideration in Alpha Insurance Co.'s case PLD 1981 S.C.
293. As the Supreme Court has conclusively decided this question no useful purpose will be served to reagitate the same issue by this application. The application is dismissed.