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2013 (2) TMI 73 - HC - Income TaxInterpretation of Section 44 r.w.r. 5 of the First Schedule - Tribunal added TDS & provision for taxation to the balance of profits disclosed by the annual accounts of the appellant insurance company - Held that:- Issue covered against the revenue by virtue of the Supreme Court decision in the assessee’s own case in CIT v. Oriental Fire and General Insurance Co. Ltd (2007 (5) TMI 193 - SUPREME COURT) - in favour of the assessee. Disallowance of insurance company claim for allowing weighted deduction u/s 35B - Held that:- covered against the assessee and in favour of the revenue by virtue of the Supreme Court decision in the case of CIT v. Hero Cycles Pvt. Ltd. & Ors [ 1997 (8) TMI 6 - SUPREME COURT]. Disallowance under Section 37 (4) - expenditure on lease rent, taxes and repairs and maintenance of a guest house as these expenditure was allowable under certain other provisions of the Income Tax Act - Held that:- Against the assessee by virtue of the Supreme Court decision in the case of Britannia Industries Ltd. v. CIT & Anr. [2005 (10) TMI 30 - SUPREME COURT]. Claim for deduction being reserves for export market development allowance allowed - Held that:- When an amendment was introduced in Rule 5(a) of the First Schedule to the said Act amending the phrase “including any amount debited to the profit and loss account either by way of a provision for any tax, dividend, reserve or any other provisions as may be prescribed.” In the present case, since the relevant assessment years are all prior to 01.04.1989, this additional phrase would not apply. Even the Supreme Court decision in General Insurance Corporation of India (2007 (5) TMI 193 - SUPREME COURT) was in respect of the assessment years 1977-78 when this phrase was not there in the statute book.Consequently, this aspect of the matter pertaining to reserves for export market development allowance would also have to be decided in favour of the assessee Claim for bad/ doubtful debt allowed - Held that:- There is no debate that it stands covered against the revenue in the assessee’s own case in CIT v. Oriental Fire and General Insurance Co. Ltd (2007 (5) TMI 193 - SUPREME COURT) which confirms this court’s decision in Oriental Fire and General Insurance Co. Ltd v. CIT [2004 (5) TMI 29 - DELHI HIGH COURT].
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