https://www.taxtmi.com/caselaws?id=353495 For a general insurance business, income computation must follow the special statutory scheme under section 44 and the First Schedule, so reserve for unexpired risk was not required to be added back to book profit under section 115JB. The Tribunal also accepted that an investment write-off could not be disallowed merely on a general adjustment basis, and that amortisation of premium on purchase of investments remained allowable in line with the insurance accounting framework. On identical facts in the later year, the same treatment was applied. The Revenue appeals were dismissed, and the assessee's claims were sustained. en-us Wed, 23 Aug 2017 00:00:00 +0530 Fri, 05 Jan 2018 09:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353495 For a general insurance business, income computation must follow the special statutory scheme under section 44 and the First Schedule, so reserve for unexpired risk was not required to be added back to book profit under section 115JB. The Tribunal also accepted that an investment write-off could not be disallowed merely on a general adjustment basis, and that amortisation of premium on purchase of investments remained allowable in line with the insurance accounting framework. On identical facts in the later year, the same treatment was applied. The Revenue appeals were dismissed, and the assessee's claims were sustained. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353495