https://www.taxtmi.com/caselaws?id=26999 Reserves for unexpired risks arising from marine, accident, miscellaneous and fire insurance policies were treated as a "fund" under rule 2(ii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, because they represented money available to meet unexpected claims. The Bombay High Court also noted that CBDT Circular No. 1-P (XV-5) directly governed the issue and was binding on the income-tax authorities. The reserves were therefore includible in the capital base for surtax computation, and the question was answered in favour of the assessee. en-us Wed, 03 Oct 1984 00:00:00 +0530 Wed, 10 Feb 2010 10:35:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26999 Reserves for unexpired risks arising from marine, accident, miscellaneous and fire insurance policies were treated as a "fund" under rule 2(ii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, because they represented money available to meet unexpected claims. The Bombay High Court also noted that CBDT Circular No. 1-P (XV-5) directly governed the issue and was binding on the income-tax authorities. The reserves were therefore includible in the capital base for surtax computation, and the question was answered in favour of the assessee. Case-Laws Income Tax Wed, 03 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26999