https://www.taxtmi.com/caselaws?id=238675 Income from general insurance business is computed under the special code in section 44 and the First Schedule, so ordinary computation rules do not apply beyond the statutory adjustments permitted there. Profit on sale of investments forming part of the insurer's accounts was treated as outside the Revenue's proposed taxation method after omission of the earlier investment-gains sub-rule. Section 14A was held inapplicable to insurers because the Assessing Officer cannot travel beyond the special insurance computation framework to disallow expenditure against exempt investment income. An unexpired risk reserve for terrorism at 100% was accepted as allowable within Rule 6E(a) and the insurance regulatory framework. en-us Wed, 18 Sep 2013 00:00:00 +0530 Tue, 29 Oct 2013 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238675 Income from general insurance business is computed under the special code in section 44 and the First Schedule, so ordinary computation rules do not apply beyond the statutory adjustments permitted there. Profit on sale of investments forming part of the insurer's accounts was treated as outside the Revenue's proposed taxation method after omission of the earlier investment-gains sub-rule. Section 14A was held inapplicable to insurers because the Assessing Officer cannot travel beyond the special insurance computation framework to disallow expenditure against exempt investment income. An unexpired risk reserve for terrorism at 100% was accepted as allowable within Rule 6E(a) and the insurance regulatory framework. Case-Laws Income Tax Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238675