https://www.taxtmi.com/caselaws?id=347415 For a general insurance company, profits from sale or redemption of investments were not chargeable to tax for the relevant year because section 44 and the First Schedule governed computation, Rule 5(b) had been omitted for that period, and CBDT Circular No. 528 was treated as filling the gap until the rule was reintroduced from assessment year 2011-12. The deletion of the disallowance for investments written off was found unsustainable because the assessee could not claim non-taxability of investment gains while also seeking deduction for corresponding write-off losses. Section 115JB was held inapplicable to insurance companies since their accounts are prepared under the Insurance Act and IRDA Regulations, not Parts II and III of Schedule VI of the Companies Act. en-us Wed, 30 Aug 2017 00:00:00 +0530 Thu, 18 Oct 2018 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347415 For a general insurance company, profits from sale or redemption of investments were not chargeable to tax for the relevant year because section 44 and the First Schedule governed computation, Rule 5(b) had been omitted for that period, and CBDT Circular No. 528 was treated as filling the gap until the rule was reintroduced from assessment year 2011-12. The deletion of the disallowance for investments written off was found unsustainable because the assessee could not claim non-taxability of investment gains while also seeking deduction for corresponding write-off losses. Section 115JB was held inapplicable to insurance companies since their accounts are prepared under the Insurance Act and IRDA Regulations, not Parts II and III of Schedule VI of the Companies Act. Case-Laws Income Tax Wed, 30 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347415