https://www.taxtmi.com/caselaws?id=29131 The court ruled in favor of the Department, stating that the surplus amount resulting from devaluation must be considered taxable income for the insurance company. The Tribunal's decision to exclude a portion of the surplus was disregarded as it did not align with the specific provisions of Rule 5 under the Income Tax Act, 1961. The court emphasized that the balance of profits as per the annual accounts must be accepted for assessment without alteration unless specific provisions apply. The company was directed to pay costs to the Revenue, including counsel's fee. en-us Mon, 15 Feb 1982 00:00:00 +0530 Thu, 11 Mar 2010 10:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29131 The court ruled in favor of the Department, stating that the surplus amount resulting from devaluation must be considered taxable income for the insurance company. The Tribunal's decision to exclude a portion of the surplus was disregarded as it did not align with the specific provisions of Rule 5 under the Income Tax Act, 1961. The court emphasized that the balance of profits as per the annual accounts must be accepted for assessment without alteration unless specific provisions apply. The company was directed to pay costs to the Revenue, including counsel's fee. Case-Laws Income Tax Mon, 15 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29131