9911796707
TMI Blog1986 (8) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... accounting period ending on December 31, 1966. During the accounting year, the claims of the policyholders of the assessee in Burma to the extent of Rs. 50,000 became time-barred. The assessee adjusted the said Rs. 50,000 to its revenue account for the year 1960 in its Rangoon branch and thereafter, after deducting the expenses in respect of the policies to the extent of Rs. 3,297, the balance Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oted that the assessee had not wound up its business in Burma and had been making efforts to obtain remittance of surplus amounts from Burma. The Appellate Assistant Commissioner confirmed the order of the Income-tax Officer. Being aggrieved, the assessee filed a further appeal before the Income-tax Appellate Tribunal. It was contended before the Tribunal on behalf of the assessee that the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 60% was brought to assessment. The balance in the reserve for unexpired risks was carried forward to the next year and shown on the credit side of the revenue account and any additional reserve credited in the next year also came into this account. The whole of the amount received on account of premia was assessed to tax. The Tribunal accepted the contentions of the assessee. The Tribunal hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case, and on a correct interpretation of rule 5 of the First Schedule to the Income-tax Act, 1961, and of section 41(1) of the said Act, the Tribunal was justified in holding that the sum of Rs. 46,703 was not chargeable to tax ? " At the hearing, contentions raised in the proceedings below were reiterated before us. The Revenue did not dispute the method and manner of assessment of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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