https://www.taxtmi.com/caselaws?id=49309 The Supreme Court held that profits from miscellaneous insurance transactions of a mutual character were assessable under the Indian Income-tax Act. The Court determined that the balance of profits, after deducting various reserves, should be considered taxable profits. The Court clarified that reserves added to the balance of profits were not considered expenditure. The appeals were allowed in part, confirming the assessability of profits and the determination of taxable profits. Each party was directed to bear their own costs in the court. en-us Fri, 02 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49309 The Supreme Court held that profits from miscellaneous insurance transactions of a mutual character were assessable under the Indian Income-tax Act. The Court determined that the balance of profits, after deducting various reserves, should be considered taxable profits. The Court clarified that reserves added to the balance of profits were not considered expenditure. The appeals were allowed in part, confirming the assessability of profits and the determination of taxable profits. Each party was directed to bear their own costs in the court. Case-Laws Income Tax Fri, 02 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49309