Appeal from the judgment and decree dated September 10, 1953, of the Calcutta High Court Original Side in I. T. Reference No.
The Judgment of the Court was delivered by VENKATARAMA AIYAR J. This appeal raises a question of importance as to whether amounts shown by an insurance companypany as reserves for unexpired risks on pending policies are liable to be deducted under r. 2 of Sch.
April 24.
P. Khaitan, Rameshwar Nath, S. N. Andley and J. B. Dadachanji, for the respondents.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
12 of 1955.
The respondent is a companypany carrying on life, fire, marine and general insurance business, and the present dispute relates to the assessment of excess profits tax on its income from business other than life insurance for the chargeable accounting periods ending December 31, 1940, and December 31, 1941.
K. Daphtary, Solicitor General for India, G. N. Joshi and B. H. Dhebar, for the appellant.
8 of 1947.
