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Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.

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..... a mutual insurance company or a co-operative society shall be computed in accordance with the rules contained in the First Schedule to the Act. Section 43B of the Act provides for allowance of certain deductions, irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by the assessee, only in the .....

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..... deducted, as the case may be, if the same is not credited or debited to the profit and loss account; any provision for diminution in the value of investment debited to the profit and loss account shall be added back. Thus, there is no specific provision, in this rule, in the case of other insurance companies, to allow deduction for any payment of certain expenses specified in section 43B if they .....

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