Supreme Court · 1967 INSC 74 · Decided 23 March 1967
Union Co-Operative Insurance Society LTD., Bombay v. Commissioner of Income Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 74 · [1967] 3 S.C.R. 279
- Case number
- CIVIL APPEAL No. 1052/1966
- Decided
- 23 March 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(7)
Headnote
Indian Income-tax Act 1922, ,; 10 and Rule 6 of Schedule-llldian Insurance A.ct, 1938, s. 15-Profits of insurance companies. assessment of-Bonus paid by company to policy-holder on renewal of policies on which no claim had been made.--Estimated amoultl so payable debited by company to to profit and loss account -Bonus paid during previous year whether allowable expenditure. The appellant company carried on general insurance business. One of the bye-laws of the company allowed payment of bonus where a policy was renewed and there had been no claim in the preceding year. The
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