https://www.taxtmi.com/caselaws?id=49652 The court held that the reserve for unexpired risks, although treated as a liability for income tax purposes, does not qualify as an accruing liability under rule 2 of Schedule II to the Excess Profits Tax Act. The decision was based on the premise that such reserves do not contribute to the effective trading assets during the chargeable accounting period. Consequently, the appeal was dismissed, upholding the High Court's ruling. en-us Wed, 24 Apr 1957 00:00:00 +0530 Mon, 08 Sep 2014 08:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49652 The court held that the reserve for unexpired risks, although treated as a liability for income tax purposes, does not qualify as an accruing liability under rule 2 of Schedule II to the Excess Profits Tax Act. The decision was based on the premise that such reserves do not contribute to the effective trading assets during the chargeable accounting period. Consequently, the appeal was dismissed, upholding the High Court's ruling. Case-Laws Income Tax Wed, 24 Apr 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49652