https://www.taxtmi.com/caselaws?id=169655 An undertaking issuing policies payable on death, survival, or attainment of a chosen age was treated as carrying on annuity business, not ordinary lump-sum life policies, and that activity fell within life insurance business under the relevant statutory definition. On computation under Rule 2(a), where no annual valuation or profit and loss account was available, profits could be estimated from the latest actuarial valuation and the annual average surplus disclosed by it, with necessary adjustments. The actuarial basis was held consistent with the rule, and the assessments were upheld in favour of the Revenue. en-us Wed, 28 Nov 1951 00:00:00 +0530 Wed, 29 Apr 2015 12:27:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169655 An undertaking issuing policies payable on death, survival, or attainment of a chosen age was treated as carrying on annuity business, not ordinary lump-sum life policies, and that activity fell within life insurance business under the relevant statutory definition. On computation under Rule 2(a), where no annual valuation or profit and loss account was available, profits could be estimated from the latest actuarial valuation and the annual average surplus disclosed by it, with necessary adjustments. The actuarial basis was held consistent with the rule, and the assessments were upheld in favour of the Revenue. Case-Laws Income Tax Wed, 28 Nov 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169655