https://www.taxtmi.com/caselaws?id=70326 For an insurer, tax deducted at source credit on dividend income could not be denied merely because income was computed under the special insurance regime: Section 44 and the First Schedule permit exclusion only where Rule 4 specifically applies to an actuarial valuation covering an inter-valuation period exceeding twelve months, so the normal operation of Sections 194 and 199 remained intact on the facts stated. The reassessment was also unsustainable because an audit party's opinion on a question of law is not valid information for reopening, and no escapement of income was shown. The revised assessment was therefore cancelled in favour of the assessee. en-us Wed, 02 Dec 1981 00:00:00 +0530 Fri, 15 Apr 2011 15:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70326 For an insurer, tax deducted at source credit on dividend income could not be denied merely because income was computed under the special insurance regime: Section 44 and the First Schedule permit exclusion only where Rule 4 specifically applies to an actuarial valuation covering an inter-valuation period exceeding twelve months, so the normal operation of Sections 194 and 199 remained intact on the facts stated. The reassessment was also unsustainable because an audit party's opinion on a question of law is not valid information for reopening, and no escapement of income was shown. The revised assessment was therefore cancelled in favour of the assessee. Case-Laws Income Tax Wed, 02 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70326