https://www.taxtmi.com/caselaws?id=168535 Statutory rules treated the actuarial surplus of a mutual insurance business as taxable income, and the mutual character of the business did not exclude that surplus from charge. Appreciation in securities was includible in surplus where it had been credited in the accounts, even if not taken through the revenue account or actuarial valuation balance sheet. Relief under Rule 3(a) was confined to amounts paid to, reserved for, or expended on behalf of policy-holders, so income-tax and provision for income-tax were not deductible as policy-holder expenditure. The decision therefore limited deductions to sums truly connected with policy-holder obligations. en-us Mon, 02 Apr 1951 00:00:00 +0530 Wed, 11 Mar 2015 15:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168535 Statutory rules treated the actuarial surplus of a mutual insurance business as taxable income, and the mutual character of the business did not exclude that surplus from charge. Appreciation in securities was includible in surplus where it had been credited in the accounts, even if not taken through the revenue account or actuarial valuation balance sheet. Relief under Rule 3(a) was confined to amounts paid to, reserved for, or expended on behalf of policy-holders, so income-tax and provision for income-tax were not deductible as policy-holder expenditure. The decision therefore limited deductions to sums truly connected with policy-holder obligations. Case-Laws Income Tax Mon, 02 Apr 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168535