https://www.taxtmi.com/caselaws?id=7350 In general insurance assessments under rule 6, the annual accounts figure is the starting point, but the statutory scheme does not exclude otherwise applicable exemptions or the third proviso to section 4(1). On that basis, foreign income brought into India, qualifying donations, dividend income from eligible industrial undertakings, and notified interest income may still obtain the relevant reliefs where statutory conditions are met. A contribution to an employee welfare society was treated as revenue expenditure incurred for business expediency rather than capital outlay, and exchange losses from currency devaluation were treated as genuine trading losses. The text states that these deductions, exemptions and losses were upheld. en-us Tue, 24 Oct 1967 00:00:00 +0530 Wed, 18 Feb 2009 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7350 In general insurance assessments under rule 6, the annual accounts figure is the starting point, but the statutory scheme does not exclude otherwise applicable exemptions or the third proviso to section 4(1). On that basis, foreign income brought into India, qualifying donations, dividend income from eligible industrial undertakings, and notified interest income may still obtain the relevant reliefs where statutory conditions are met. A contribution to an employee welfare society was treated as revenue expenditure incurred for business expediency rather than capital outlay, and exchange losses from currency devaluation were treated as genuine trading losses. The text states that these deductions, exemptions and losses were upheld. Case-Laws Income Tax Tue, 24 Oct 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7350