https://www.taxtmi.com/caselaws?id=76924 A contribution to a transport corporation's own insurance fund for future accident liabilities was treated as a reserve for a statutory future liability and was not deductible as revenue expenditure. The court distinguished that position from actual insurance liability incurred during the year, holding that the amount actually paid towards such liability had to be separately examined for deduction. The Assessing Officer was therefore required to determine the deductible portion of the actual expenditure, while the provision made merely towards the fund was disallowed. en-us Mon, 20 Oct 2008 00:00:00 +0530 Thu, 29 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76924 A contribution to a transport corporation's own insurance fund for future accident liabilities was treated as a reserve for a statutory future liability and was not deductible as revenue expenditure. The court distinguished that position from actual insurance liability incurred during the year, holding that the amount actually paid towards such liability had to be separately examined for deduction. The Assessing Officer was therefore required to determine the deductible portion of the actual expenditure, while the provision made merely towards the fund was disallowed. Case-Laws Income Tax Mon, 20 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76924