https://www.taxtmi.com/caselaws?id=22236 Insurance-company taxation reserves were held not to qualify as allowable expenditure or allowance for income-tax purposes, following the court's earlier decision on identical questions; the issue was decided against the assessee and in favour of the Revenue. On the consequential question under rule 5(a) of the First Schedule to the Income-tax Act, 1961, the Court applied the same prior binding reasoning and answered the question in the negative. The operative principle is that taxation reserve and general reserve of this nature are not deductible unless the statute expressly permits such treatment. en-us Wed, 27 Feb 1991 00:00:00 +0530 Tue, 08 Dec 2009 12:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22236 Insurance-company taxation reserves were held not to qualify as allowable expenditure or allowance for income-tax purposes, following the court's earlier decision on identical questions; the issue was decided against the assessee and in favour of the Revenue. On the consequential question under rule 5(a) of the First Schedule to the Income-tax Act, 1961, the Court applied the same prior binding reasoning and answered the question in the negative. The operative principle is that taxation reserve and general reserve of this nature are not deductible unless the statute expressly permits such treatment. Case-Laws Income Tax Wed, 27 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22236