https://www.taxtmi.com/caselaws?id=276683 Under the insurance computation rules, profits of a general insurance business are determined exclusively by the Schedule, and adjustments to the annual accounts are confined to allowances sanctioned by section 10. Rule 3(b), as applied to general insurance, permits amounts written off only to meet actual depreciation of securities or other assets, not a notional or arbitrary figure. The taxing authority may scrutinise the accounts for this purpose, and the proviso to rule 3(b) does not apply to general insurance. Accordingly, four-fifths of the amount written off for depreciation on buildings and allied assets was not deductible because actual depreciation was not proved. en-us Tue, 04 Jul 1961 00:00:00 +0530 Thu, 15 Nov 2018 18:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276683 Under the insurance computation rules, profits of a general insurance business are determined exclusively by the Schedule, and adjustments to the annual accounts are confined to allowances sanctioned by section 10. Rule 3(b), as applied to general insurance, permits amounts written off only to meet actual depreciation of securities or other assets, not a notional or arbitrary figure. The taxing authority may scrutinise the accounts for this purpose, and the proviso to rule 3(b) does not apply to general insurance. Accordingly, four-fifths of the amount written off for depreciation on buildings and allied assets was not deductible because actual depreciation was not proved. Case-Laws Income Tax Tue, 04 Jul 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276683