https://www.taxtmi.com/caselaws?id=6949 For insurance income computation, a mere transfer from a premium deposit account to a revenue account does not, by itself, make the amount gross external incomings of the previous year. The record must show that the receipt was actually received, ceased to be a liability, or was appropriated as the assessee's own money in the relevant accounting year. An internal book adjustment alone is insufficient to change the character of the receipt under the insurance computation rules. On that basis, the amount was not treated as taxable gross external incomings merely because it was transferred to the revenue account, and the issue was resolved in favour of the assessee. en-us Thu, 24 Aug 1967 00:00:00 +0530 Sat, 07 Feb 2009 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6949 For insurance income computation, a mere transfer from a premium deposit account to a revenue account does not, by itself, make the amount gross external incomings of the previous year. The record must show that the receipt was actually received, ceased to be a liability, or was appropriated as the assessee's own money in the relevant accounting year. An internal book adjustment alone is insufficient to change the character of the receipt under the insurance computation rules. On that basis, the amount was not treated as taxable gross external incomings merely because it was transferred to the revenue account, and the issue was resolved in favour of the assessee. Case-Laws Income Tax Thu, 24 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6949