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COMMISSIONER OF INCOME-TAX versus MESSRS UNITED INSURANCE CO. OF PAKISTAN, KARACHI

Section 10 (7) was read with Schedule ICC, an insurance company operating a life, fire and general insurance business claiming to pay its employees as bonuses so it was claimed that the books of accounts were closed. But the full amount was not paid at that time. The officer deducted the amount on the assumption that the amount represents the provisions which are not allowable under the Act, 1922, and has added to the account of the assessee, the Income Tax Appellate Tribunal Assisting Officer. Was able to exclude the extras made by. Since insurance business accounts payable to property employees and the provision of \ "tax deductions \" and the risk of unpaid risk, etc., the allowance for eligible bonuses will be equally applicable. online advocate from Chashma lawyer