Law: Income Tax Act, 1922

Section: 10(2),66(2)

Income-tax Act (XI of 1922)----Ss. 10 (2) & 66 (2)--Insurance Rules, 1922 R.40--Reference--Application under S. 66 (2)--Assessee, an Insurance Company carrying on fire and general insurance business--Question whether management expenses in excess of maximum as prescribed by R. 40, Insurance Rules, 1922 incurred by such company were admissible having been conclusively decided in the affirmative by Supreme Court there was no merit in application which was dismissed. Income Tax (Central) Karachi v. Alpha Insurance. Co. Ltd. P L D 1981 SC 293 and 1980 P T D 73 ref. JUDGMENT SALEEM AKHTAR, J.--The respondent carries on fire and general insurance business. During the assessment sear 1973-74 it incurred management expenses beyond the limit prescribed under the Insurance Rules. Accordingly the. Income Tax Officer disallowed a sum of Rs.1.27.025 which was added back to income. In appeal the Income Tax Appellate Tribunal allowed the same. The respondent filed an application under section 66 (1) of the Income Tax Act, which was dismissed as the question had been…

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