Supreme Court of India
Commissioner of Income Tax, New Delhi v. Oriental Fire & General Insurance Co.ltd.
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.
From the headnote
Income Tax Act, 1961: c S.44 and First Schedule, Rule 5(a)-Insurance company-Deductions- Provision of taxation and reserve for bad and doubtful debts-Held: These items· are not expenditure and hence not entitled to deductions-Insurance Act, 1938. The question which arose for consideration in these appeals is whether the assessee insurance company is entitled to deductions in respect of the provision of taxation and reserve for bad and doubtful debts. \; Dismissing the appeals, the Court HELD: 1. Determination of liability of income tax under the provisions of the Income Tax Act, 1961 for the
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