Suhas Chandka Sen, J. - (1.) The following question of law has been referred to this court by the Tribunal under Section 256(1) of the Income-tax Act, 1961 ("the Act") : " Whether, on the interpretation of Section 41(1) of the Income-tax Act, 1961, the Tribunal was right in holding that the whole of the amount of Rs. 75,500 received from the insurance company was taxable for the assessment year 1969-70 ?"
(2.) The assessment year involved in this reference is the assessment year 1969-70, for which the relevant period of account is 1375 B.S.
(3.) The facts found by the Tribunal, as stated in the statement of case, are as follows :;