https://www.taxtmi.com/caselaws?id=49309 The Act treated the profits of a mutual insurance business as income, and the Schedule required assessment to begin with the balance of profits shown in the statutory accounts. On that footing, the surplus from miscellaneous insurance transactions of a mutual insurance association was taxable, since mutual character did not exclude it from income. Under rule 6, only expenditure not allowable under section 10 could be adjusted, so reserves added to the profit balance were not deductible because they were not expenditure. Both issues were answered in favour of the Revenue. 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 Act treated the profits of a mutual insurance business as income, and the Schedule required assessment to begin with the balance of profits shown in the statutory accounts. On that footing, the surplus from miscellaneous insurance transactions of a mutual insurance association was taxable, since mutual character did not exclude it from income. Under rule 6, only expenditure not allowable under section 10 could be adjusted, so reserves added to the profit balance were not deductible because they were not expenditure. Both issues were answered in favour of the Revenue. Case-Laws Income Tax Fri, 02 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49309