https://www.taxtmi.com/caselaws?id=217998 For life insurance business, profits were required to be computed under the special scheme in section 44 read with rule 2 of the First Schedule on the basis of actuarial surplus, not the "total surplus" in IRDA Form I, and internal transfers between policyholder and shareholder accounts were treated as tax-neutral. Section 14A was held inapplicable to insurance income computed under that special regime. Income from the shareholder's account was not separately taxable as income from other sources, and the claimed exemptions were allowed. Additions for negative reserve and 100% depreciation were also not sustained because the special actuarial and accounting basis governed the computation. en-us Fri, 14 Sep 2012 00:00:00 +0530 Wed, 13 Aug 2025 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217998 For life insurance business, profits were required to be computed under the special scheme in section 44 read with rule 2 of the First Schedule on the basis of actuarial surplus, not the "total surplus" in IRDA Form I, and internal transfers between policyholder and shareholder accounts were treated as tax-neutral. Section 14A was held inapplicable to insurance income computed under that special regime. Income from the shareholder's account was not separately taxable as income from other sources, and the claimed exemptions were allowed. Additions for negative reserve and 100% depreciation were also not sustained because the special actuarial and accounting basis governed the computation. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217998