https://www.taxtmi.com/caselaws?id=354109 Section 44 required a life insurer's income to be computed only under the First Schedule, so income credited to the shareholders' account was treated as part of life insurance business income and not separately taxable. Actuarial surplus had to exclude bonus allocated to participating policyholders and Funds for Future Appropriation, as these represented policyholder-related liabilities or earmarked amounts. Once section 44 applied, normal deductions under sections 28 to 43B could not govern the shareholders' account; provision for doubtful debts and share issue expense adjustments were deleted, while the donation disallowance was sustained for want of an applicable deduction provision. The direction to recompute earlier years' losses was modified, dividend income was held exempt, and double taxation of investment sale profit was rejected. en-us Fri, 05 Jan 2018 00:00:00 +0530 Wed, 17 Jan 2018 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354109 Section 44 required a life insurer's income to be computed only under the First Schedule, so income credited to the shareholders' account was treated as part of life insurance business income and not separately taxable. Actuarial surplus had to exclude bonus allocated to participating policyholders and Funds for Future Appropriation, as these represented policyholder-related liabilities or earmarked amounts. Once section 44 applied, normal deductions under sections 28 to 43B could not govern the shareholders' account; provision for doubtful debts and share issue expense adjustments were deleted, while the donation disallowance was sustained for want of an applicable deduction provision. The direction to recompute earlier years' losses was modified, dividend income was held exempt, and double taxation of investment sale profit was rejected. Case-Laws Income Tax Fri, 05 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354109