https://www.taxtmi.com/caselaws?id=290983 Payments to participating policy-holders were treated as a division of profits after profits had arisen, not as expenditure incurred in earning them, so the amount remained part of the life assurance company's assessable profits. Rule 25 also did not permit deduction of that amount in computing average annual net profits, because its proviso required non-admissible income-tax deductions to be added back and the policy-holders' share was not expenditure laid out solely for earning profits. The assessable surplus therefore included the participating policy-holders' share of profits. en-us Fri, 15 Dec 1933 00:00:00 +0530 Fri, 23 Oct 2020 14:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290983 Payments to participating policy-holders were treated as a division of profits after profits had arisen, not as expenditure incurred in earning them, so the amount remained part of the life assurance company's assessable profits. Rule 25 also did not permit deduction of that amount in computing average annual net profits, because its proviso required non-admissible income-tax deductions to be added back and the policy-holders' share was not expenditure laid out solely for earning profits. The assessable surplus therefore included the participating policy-holders' share of profits. Case-Laws Income Tax Fri, 15 Dec 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290983