https://www.taxtmi.com/caselaws?id=374167 The contribution collected by an insurer toward the Environmental Relief Fund under the Public Liability Insurance Act, 1991 was held not to attract disallowance under section 43B of the Income-tax Act because it was collected on behalf of the statutory fund, did not accrue as the insurer's income, and was not credited to the profit and loss account. The amount was shown as a current liability, and under the special insurance-company computation scheme only items debited to profit and loss can be added back. The absence of a prescribed remittance mechanism and period until later also supported the view that earlier non-payment could not be faulted. The addition was deleted. en-us Mon, 21 Jan 2019 00:00:00 +0530 Mon, 28 Jan 2019 07:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374167 The contribution collected by an insurer toward the Environmental Relief Fund under the Public Liability Insurance Act, 1991 was held not to attract disallowance under section 43B of the Income-tax Act because it was collected on behalf of the statutory fund, did not accrue as the insurer's income, and was not credited to the profit and loss account. The amount was shown as a current liability, and under the special insurance-company computation scheme only items debited to profit and loss can be added back. The absence of a prescribed remittance mechanism and period until later also supported the view that earlier non-payment could not be faulted. The addition was deleted. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374167