https://www.taxtmi.com/caselaws?id=238617 Section 44 and the First Schedule form a self-contained computation code for life insurance business, so actuarial surplus, amounts in the shareholders' account, and transfers between shareholders' and policyholders' accounts are to be assessed within that special framework under the Insurance Act, 1938. On that basis, the document states that such items are not to be recharacterised under the general heads of income. It also states that section 14A read with Rule 8D is not to be applied in a manner inconsistent with the special insurance computation scheme. Set-off of brought forward business losses and unabsorbed depreciation remains subject to verification of admissibility, and interest under section 234B depends on the facts, while section 234D is consequential. en-us Fri, 20 Sep 2013 00:00:00 +0530 Fri, 08 Jan 2016 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238617 Section 44 and the First Schedule form a self-contained computation code for life insurance business, so actuarial surplus, amounts in the shareholders' account, and transfers between shareholders' and policyholders' accounts are to be assessed within that special framework under the Insurance Act, 1938. On that basis, the document states that such items are not to be recharacterised under the general heads of income. It also states that section 14A read with Rule 8D is not to be applied in a manner inconsistent with the special insurance computation scheme. Set-off of brought forward business losses and unabsorbed depreciation remains subject to verification of admissibility, and interest under section 234B depends on the facts, while section 234D is consequential. Case-Laws Income Tax Fri, 20 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238617