https://www.taxtmi.com/caselaws?id=39188 In computing the profits of a general insurance business under the Indian Income-tax Act, 1922, the tax authority was confined to the balance shown in the annual accounts filed with the Controller of Insurance, subject only to adjustments for expenditure not allowable under section 10. A loss arising from devaluation of foreign currency was treated as a business loss reflected in the accounts, not as "expenditure" laid out by calculation and intention. On that basis, the amount could not be added back merely because the authority regarded it as imaginary or unsupported, and the assessee's computation was upheld. en-us Fri, 29 Nov 1974 00:00:00 +0530 Tue, 13 Apr 2010 15:42:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39188 In computing the profits of a general insurance business under the Indian Income-tax Act, 1922, the tax authority was confined to the balance shown in the annual accounts filed with the Controller of Insurance, subject only to adjustments for expenditure not allowable under section 10. A loss arising from devaluation of foreign currency was treated as a business loss reflected in the accounts, not as "expenditure" laid out by calculation and intention. On that basis, the amount could not be added back merely because the authority regarded it as imaginary or unsupported, and the assessee's computation was upheld. Case-Laws Income Tax Fri, 29 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39188