https://www.taxtmi.com/caselaws?id=168501 Section 4(3)(xii) exemption was held unavailable for insurance business income because section 10(7) requires computation under the special insurance schedule and displaces other provisions to that extent. The same claim had also been rejected in earlier insurance assessment decisions. On the alleged merger of the Swiss company's Indian life insurance business from 1 January 1952, the court held that a transfer under sections 153 and 153A of the Indian Companies Act becomes effective only when sanctioned by the court, not from the date chosen by the parties. The businesses were therefore not treated as merged for the relevant assessment years, and the assessments were upheld. en-us Thu, 10 Jan 1963 00:00:00 +0530 Tue, 10 Mar 2015 15:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168501 Section 4(3)(xii) exemption was held unavailable for insurance business income because section 10(7) requires computation under the special insurance schedule and displaces other provisions to that extent. The same claim had also been rejected in earlier insurance assessment decisions. On the alleged merger of the Swiss company's Indian life insurance business from 1 January 1952, the court held that a transfer under sections 153 and 153A of the Indian Companies Act becomes effective only when sanctioned by the court, not from the date chosen by the parties. The businesses were therefore not treated as merged for the relevant assessment years, and the assessments were upheld. Case-Laws Income Tax Thu, 10 Jan 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168501