https://www.taxtmi.com/caselaws?id=291960 The court concluded that depreciation on furniture, motor-cars, and books should be allowed in full as neither Section 10(2)(vi) nor Rule 3(b) applies to limit it. Tax paid directly on assessment is not included in "income tax paid by deduction at source." A sum added to actuarial surplus was correctly added back. Deduction of one-half of policy-holders' share in the surplus was disallowed. The exclusion of the sum under the first proviso to Rule 3(a) was upheld. Deduction for "other assets written off" and Investment Reserve Fund was denied due to lack of actual loss or depreciation. The Commissioner was awarded costs in Reference No. 4 of 1947. 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 The court concluded that depreciation on furniture, motor-cars, and books should be allowed in full as neither Section 10(2)(vi) nor Rule 3(b) applies to limit it. Tax paid directly on assessment is not included in "income tax paid by deduction at source." A sum added to actuarial surplus was correctly added back. Deduction of one-half of policy-holders' share in the surplus was disallowed. The exclusion of the sum under the first proviso to Rule 3(a) was upheld. Deduction for "other assets written off" and Investment Reserve Fund was denied due to lack of actual loss or depreciation. The Commissioner was awarded costs in Reference No. 4 of 1947. Case-Laws Income Tax Wed, 28 Nov 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291960