Supreme Court · 1966 INSC 230 · Decided 26 October 1966
Commissioner of Income-Tax, Madras v. Prithvi Insurance CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1966 INSC 230 · [1967] 1 S.C.R. 943
- Case number
- CIVIL APPEAL No. 729/1965
- Decided
- 26 October 1966
- Bench
- J.C. SHAH, V. RAMASWAMI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(2), 66(1), 10(1)
Headnote
Indian Income-tax Act, 1922, s. 24(2)-lnsuronce company carrying on life insurance business as well as general insurance business-Such busi­ nesses whether one business for purpose of rection. The respondent rompany carried on business of life and general insu­ rance. In the life insurance business and the general insurance busi­ ness carried on by the company were 'distinct and separate' and the loss carried forward from the previous year in respect of life insurance business could not be set off under s. 24(2) against the profit from the general in­
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)