L I C of India v Section 89 of the Income Tax Act, 1961.
Dear Mr Balwant Jain,  Thank you so much for your mail and your time. Keep well. Have a nice day. Regards. P. Ramanathan
date: Wed, May 18, 2016 at 9:24 AM subject:Re: L I C of India v Section 89 of the Income Tax Act, 1961.
I have attempted to find out about the supreme court decision but could not find it. However there are decision stating that the payer of such income is not required to dedcut any tax on payments which are treated as judgement debts. As far as your other contention is concerned income becomes taxable either on due basis or on receipt basis though it has not become due but since you have already received it, in my opinion LIC is right in advising you to pay appropriate tax on it.
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