https://www.taxtmi.com/caselaws?id=276757 Rule 30 of the Indian Income-tax Rules was construed as permitting a life assurance company to treat amounts bona fide carried to an investment reserve fund to meet actual depreciation in securities as expenditure incurred for earning business profits. The later appreciation of those securities in a subsequent year did not alter the character of the sums validly set aside in earlier years, and the rule did not require those amounts to be restored to revenue once the loss had been made good. The assessee was therefore entitled to claim the treatment, and the reference was answered in favour of the assessee. en-us Fri, 24 Sep 1937 00:00:00 +0530 Fri, 16 Nov 2018 17:52:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276757 Rule 30 of the Indian Income-tax Rules was construed as permitting a life assurance company to treat amounts bona fide carried to an investment reserve fund to meet actual depreciation in securities as expenditure incurred for earning business profits. The later appreciation of those securities in a subsequent year did not alter the character of the sums validly set aside in earlier years, and the rule did not require those amounts to be restored to revenue once the loss had been made good. The assessee was therefore entitled to claim the treatment, and the reference was answered in favour of the assessee. Case-Laws Income Tax Fri, 24 Sep 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276757