https://www.taxtmi.com/caselaws?id=181582 The third proviso to Section 4(1) of the Indian Income-tax Act, 1922 was held inapplicable to life insurance profits computed under rule 2(b) of the Schedule on the basis of annual average surplus from actuarial valuation. That computation was treated as a notional figure reflecting inter-valuation surplus, not the actual income of a particular year, so the proviso for income accruing or arising in that year could not be used to exclude unremitted foreign income. Section 42 was also held to have no application. The result was that the claimed deduction was unavailable and the assessment made by the Income-tax Officer was restored. en-us Thu, 21 Oct 1948 00:00:00 +0530 Wed, 20 Apr 2016 11:14:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181582 The third proviso to Section 4(1) of the Indian Income-tax Act, 1922 was held inapplicable to life insurance profits computed under rule 2(b) of the Schedule on the basis of annual average surplus from actuarial valuation. That computation was treated as a notional figure reflecting inter-valuation surplus, not the actual income of a particular year, so the proviso for income accruing or arising in that year could not be used to exclude unremitted foreign income. Section 42 was also held to have no application. The result was that the claimed deduction was unavailable and the assessment made by the Income-tax Officer was restored. Case-Laws Income Tax Thu, 21 Oct 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181582