Supreme Court of India
Union Co-operative Insurance Society Ltd., Bombay v. Commissioner of Income Tax, Bombay
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that under the scheme of Bye-law 52, the liability is not a con· tingent liability.
Judgment, page 6
From the headnote
Indian Income-tax Act 1922, ,; 10 and Rule 6 of Schedule-llldian Insurance .ct, 1938, s. 15-Profits of insurance companies. assessment of-Bonus paid by company to policy-holder on renewal of policies on which no claim had been made.--Estimated amoultl so payable debited by company to appropriation account and not to profit and loss account -Bonus paid during previous year whether allowable expenditure. The appellant company carried on general insurance business. One of the bye-laws of the company allowed payment of bonus where a policy was renewed and there had been no claim in the preceding
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