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Income‑tax Appeal No. 2 of 1966, decided on 16th May 1975.
Ss. 3, 4(3)(xii), 10(7) & First Sched., r. 2(b)‑Income from life insur ance business of Insurance Company computed under r. 2(b) read with S. 10(7)‑Not entitled to exemption from tax in respect of income from newly constructed property granted by S. 4(3)(xii)‑Computation of profits and gains of Insurance Companies‑To be done according to mode prescribed in First Schedule‑Insurance Company‑Has not to submit its returns under different heads but as one unit of income on basis of notional income prescribed in Schedule‑Income chargeable in case of Insurance Companies‑Notional income.
C. I. T. v. Asian Assurance Company Ltd., Bombay (1963) 46 I T R 560 ; C. I. T., Bombay v. Western India Life Insurance Co. Ltd. (1949) 17 I T R 125 ; Vanguard Fire & General Insurance Co. Ltd. v. C. 1. T., Madras (1962) 45 I T R 328 ; C. L T., Bombay v. Crown Life Insurance Co. Ltd. (1956) 30 I T R 365 1 C. 1. T. v. American Life Insurance Co. 15 Taxation 268 ; Cape Brandy Syndicate v. The Commissioner of England Revenue 12 Taxation 358‑ ; North British and Mercantile Insurance Co. (1937) 5 I T R 349 ; Phoenix Assurance Co.'s case (1957) 5 I T R 397; (1937) 5 I T R 349 and Lakhshami Insurance Co. Ltd. v. C. I. T., Punjab, Delhi & North‑West Frontier Province (1950) 18 1 T R 984 ref.
S. A. Nusrat for Appellant.
Ali Athar for Respondent.
Dates of hearing : 15th and 18th November 1974.
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