https://www.taxtmi.com/caselaws?id=234552 Section 44 read with the First Schedule governs life insurance business computation, and otherwise available section 10 exemptions are not displaced merely because income is assessed under that regime; dividend income covered by section 10(34) remains exempt. Actuarially determined surplus and negative reserve figures prepared in accordance with the statutory and regulatory framework cannot be reworked by the Assessing Officer beyond the permitted adjustments under the Schedule. Income credited to the shareholders' account, being separate from policyholders' funds and life insurance surplus, is taxable under the ordinary charging provisions and is not sheltered by section 44. en-us Wed, 03 Apr 2013 00:00:00 +0530 Mon, 17 Jun 2013 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234552 Section 44 read with the First Schedule governs life insurance business computation, and otherwise available section 10 exemptions are not displaced merely because income is assessed under that regime; dividend income covered by section 10(34) remains exempt. Actuarially determined surplus and negative reserve figures prepared in accordance with the statutory and regulatory framework cannot be reworked by the Assessing Officer beyond the permitted adjustments under the Schedule. Income credited to the shareholders' account, being separate from policyholders' funds and life insurance surplus, is taxable under the ordinary charging provisions and is not sheltered by section 44. Case-Laws Income Tax Wed, 03 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234552