https://www.taxtmi.com/caselaws?id=271452 For a general insurance business, income must be computed strictly under section 44 read with the First Schedule, so unapportioned claim recoveries kept in a fiduciary capacity and not routed through profit and loss account were not taxable on receipt and were assessed only when appropriately identified. Statutory fees and subscription payable to the General Body of Insurance Council were allowable as accrued revenue expenditure, and antivirus software and switches were revenue in nature because they did not bring into existence an enduring capital asset. Section 14A disallowance could not be applied where the special insurance computation scheme governed the assessment. en-us Fri, 11 Dec 2015 00:00:00 +0530 Fri, 05 Feb 2016 06:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271452 For a general insurance business, income must be computed strictly under section 44 read with the First Schedule, so unapportioned claim recoveries kept in a fiduciary capacity and not routed through profit and loss account were not taxable on receipt and were assessed only when appropriately identified. Statutory fees and subscription payable to the General Body of Insurance Council were allowable as accrued revenue expenditure, and antivirus software and switches were revenue in nature because they did not bring into existence an enduring capital asset. Section 14A disallowance could not be applied where the special insurance computation scheme governed the assessment. Case-Laws Income Tax Fri, 11 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271452