https://www.taxtmi.com/caselaws?id=8732 In computing an insurer's profits under the special assessment scheme for insurance business, the taxing authority must take the annual accounts accepted by the Controller of Insurance as the starting point and apply only the statutory adjustments permitted by the Schedule to the Income-tax Act, 1922. Once those accounts are accepted, the revenue cannot go behind the disclosed entries or recharacterise transfer amounts credited from the dividend equalisation fund and general reserves to the revenue account. The amounts were therefore included in the insurer's assessable profits, with the result favouring the Revenue. en-us Mon, 01 May 1972 00:00:00 +0530 Wed, 03 Jun 2009 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8732 In computing an insurer's profits under the special assessment scheme for insurance business, the taxing authority must take the annual accounts accepted by the Controller of Insurance as the starting point and apply only the statutory adjustments permitted by the Schedule to the Income-tax Act, 1922. Once those accounts are accepted, the revenue cannot go behind the disclosed entries or recharacterise transfer amounts credited from the dividend equalisation fund and general reserves to the revenue account. The amounts were therefore included in the insurer's assessable profits, with the result favouring the Revenue. Case-Laws Income Tax Mon, 01 May 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8732