https://www.taxtmi.com/caselaws?id=291960 Depreciation on furniture, motor-cars and books used in a life insurance business was held not to be excluded under the Schedule to the Income-tax Act, 1922, because Rule 2(b) does not extend to depreciation and Rule 3(b) is confined to investment-type securities and similar realisable assets; the depreciation remained allowable in full. Tax paid on assessment during the preceding inter-valuation period was not covered by Rule 4 credit, and a write-off against organisation expenses also fell outside Rule 3(b). Deduction for amounts carried to the Investment Reserve Fund was disallowed absent actual loss or depreciation on securities, while the Rule 3(a) deduction for policy-holder amounts was allowed only to the extent attributable to the relevant prior surplus. en-us Wed, 28 Nov 1951 00:00:00 +0530 Wed, 02 Dec 2020 12:10:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291960 Depreciation on furniture, motor-cars and books used in a life insurance business was held not to be excluded under the Schedule to the Income-tax Act, 1922, because Rule 2(b) does not extend to depreciation and Rule 3(b) is confined to investment-type securities and similar realisable assets; the depreciation remained allowable in full. Tax paid on assessment during the preceding inter-valuation period was not covered by Rule 4 credit, and a write-off against organisation expenses also fell outside Rule 3(b). Deduction for amounts carried to the Investment Reserve Fund was disallowed absent actual loss or depreciation on securities, while the Rule 3(a) deduction for policy-holder amounts was allowed only to the extent attributable to the relevant prior surplus. Case-Laws Income Tax Wed, 28 Nov 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291960