Section 10 (2) (xvi), First Schedule, R6 Insurance Act (I38 of 1938), Section 15 (1) Income Tax Officer is obliged to accept the balance of profits as presented by an assessee (insurance company). The accounts disclosed are the Collector's Insurance under Section 15 (1), Insurance Act 1938 and the Income Tax Officer accepted by them, however, the expenditure other than the legitimate expenditure under the provisions of Section 10, Income Tax Act 1922 Is entitled to be excluded for which reserves are allotted. Unexpected risks 6 Expenses not in the meaning of R6, Prior Schedule and Section 10, Income Tax Act, 1922
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