https://www.taxtmi.com/caselaws?id=6559 Special computation for general insurance business under section 44 and rule 5(a) permitted only additions back of expenditure or allowances otherwise inadmissible under sections 30 to 43A. Income-tax payable was a charge on profits, not expenditure incurred to earn them, so the provision for tax could not be added back. The amount set apart as a reserve for bad and doubtful debts also could not be recharacterised as an assessable adjustment, because the insurance computation scheme binds the assessing authority to the statutory accounts and does not permit application of section 36(1)(vii) in that manner. The assessee's treatment was upheld on both issues. en-us Fri, 18 May 2007 00:00:00 +0530 Wed, 10 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6559 Special computation for general insurance business under section 44 and rule 5(a) permitted only additions back of expenditure or allowances otherwise inadmissible under sections 30 to 43A. Income-tax payable was a charge on profits, not expenditure incurred to earn them, so the provision for tax could not be added back. The amount set apart as a reserve for bad and doubtful debts also could not be recharacterised as an assessable adjustment, because the insurance computation scheme binds the assessing authority to the statutory accounts and does not permit application of section 36(1)(vii) in that manner. The assessee's treatment was upheld on both issues. Case-Laws Income Tax Fri, 18 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6559