https://www.taxtmi.com/caselaws?id=12005 The dominant issue was whether the Revenue could invoke the "real income" doctrine to alter computation of taxable income from an insurance business notwithstanding s.44 of the Income-tax Act. The HC held that s.44 is a special non obstante provision mandating computation strictly in accordance with the First Schedule, prevailing over general principles and other provisions. As the Revenue did not allege, and the AO did not find, that the taxpayer's profits were not computed per s.44, the Tribunal's acceptance of the computation was legally sound, consistent with SC authority on s.44. Consequently, no substantial question of law arose and the appeals were dismissed. en-us Tue, 17 Sep 2002 00:00:00 +0530 Mon, 12 Jan 2026 10:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12005 The dominant issue was whether the Revenue could invoke the "real income" doctrine to alter computation of taxable income from an insurance business notwithstanding s.44 of the Income-tax Act. The HC held that s.44 is a special non obstante provision mandating computation strictly in accordance with the First Schedule, prevailing over general principles and other provisions. As the Revenue did not allege, and the AO did not find, that the taxpayer's profits were not computed per s.44, the Tribunal's acceptance of the computation was legally sound, consistent with SC authority on s.44. Consequently, no substantial question of law arose and the appeals were dismissed. Case-Laws Income Tax Tue, 17 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12005