https://www.taxtmi.com/caselaws?id=471290 Reserve for unexpired risks, representing identified premium income attributable to future contract or risk periods, is recognised over those periods and reduced from gross premium under insurance accounting requirements. Where the reserve is not debited to the profit and loss account and the related income is offered to tax in succeeding years, the precondition for addition under clause (b) of Explanation 1 to Section 115JB is not met. The reserve constitutes an ascertained liability and is not added back in computing book profit. en-us Wed, 14 Aug 2024 00:00:00 +0530 Thu, 27 Aug 2026 17:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471290 Reserve for unexpired risks, representing identified premium income attributable to future contract or risk periods, is recognised over those periods and reduced from gross premium under insurance accounting requirements. Where the reserve is not debited to the profit and loss account and the related income is offered to tax in succeeding years, the precondition for addition under clause (b) of Explanation 1 to Section 115JB is not met. The reserve constitutes an ascertained liability and is not added back in computing book profit. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471290