Supreme Court · 2007 INSC 644 · Decided 18 May 2007
Commissioner of Income Tax, New Delhi v. Oriental Fire & General Insurance CO.LTD.
- Court
- Supreme Court of India
- Citation
- 2007 INSC 644 · [2007] 7 S.C.R. 462
- Case number
- CIVIL APPEAL No. 2741/2007
- Decided
- 18 May 2007
- Bench
- S.B. SINHA, MARKANDEY KATJU (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
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 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 E of the Income Tax Act, 1961 for the purpose of computation of incoOle of an
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