' SALEEM AKHTAR, J.--The respondent carries on fire and general insurance business. During the assessm ent year 1973-74 it incurred management expenses beyond the limit prescribed under the Insurance Rules. Accordingly the Income Tax Officer disallowed a sum of Rs,1,27,025 which was added back to income. In appeal the Income Tax Appellate Tribunal allowed the same. The respondent tiled an application under section 66 (1) of the Income Tax Act which was dismissed as the question had been decided in PLD. Kar.
47. The applicant filed application under section 66 (2) 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 that the sum of Rs,1,27,025 claimed as management expenses being in excess and in contravention of the maximum prescribed in this behalf under Rule 40 of the Insurance Rules is admissible?"
This question was considered in Commissioner of Income-Tax (Central) Karachi v. Alpha Insurance Co. Ltd. Karachi PLD 1981 SC 293 and has been answered in the affirmation. Similar question was raised in New Jubilee Insurance Co.'s case 1980 PTD 73 and has been answered in the same terms as laid down by the Supreme Court. The question has, therefore, been conclusively decided and we see no reason to allow this application. The application is dismissed. revisions by the competent authorities. Therefore, it is advisable to consult the official sources or legal professionals for the most up-to-date and accurate information.