https://www.taxtmi.com/caselaws?id=181581 A charging rule that taxes a deemed or notional profit computed by a prescribed statutory formula is not affected by the presence of investment income that is otherwise exempt from tax. The rule in issue applied a conventional basis of charge to the life assurance fund of a non-resident assurance company and treated a fixed fraction of total fund income as profits. Exemption provisions relating to actual investment income did not displace that self-contained computation, and the only express adjustment allowed was the statutory set-off where tax had already been borne independently. Exempt investment income therefore did not require any further reduction in the assessment. en-us Mon, 31 Mar 1947 00:00:00 +0530 Wed, 20 Apr 2016 11:08:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181581 A charging rule that taxes a deemed or notional profit computed by a prescribed statutory formula is not affected by the presence of investment income that is otherwise exempt from tax. The rule in issue applied a conventional basis of charge to the life assurance fund of a non-resident assurance company and treated a fixed fraction of total fund income as profits. Exemption provisions relating to actual investment income did not displace that self-contained computation, and the only express adjustment allowed was the statutory set-off where tax had already been borne independently. Exempt investment income therefore did not require any further reduction in the assessment. Case-Laws Income Tax Mon, 31 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181581