https://www.taxtmi.com/caselaws?id=272578 Rental income from an insurance company's Borivli property was held not to qualify for exemption under section 4(3)(xii) because that exemption applied only to income chargeable under the head "income from property". The Court reasoned that section 10(7) required the profits and gains of insurance business to be computed exclusively under the Schedule, overriding the general heads of income in sections 8, 9, 10, 12 and 18. In that statutory framework, the rental receipts formed part of the notional computation of the insurance business and were not separately assessable as property income in the assessee's hands. The income was therefore assessable and the exemption was denied. en-us Tue, 12 Sep 1961 00:00:00 +0530 Tue, 08 May 2018 18:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272578 Rental income from an insurance company's Borivli property was held not to qualify for exemption under section 4(3)(xii) because that exemption applied only to income chargeable under the head "income from property". The Court reasoned that section 10(7) required the profits and gains of insurance business to be computed exclusively under the Schedule, overriding the general heads of income in sections 8, 9, 10, 12 and 18. In that statutory framework, the rental receipts formed part of the notional computation of the insurance business and were not separately assessable as property income in the assessee's hands. The income was therefore assessable and the exemption was denied. Case-Laws Income Tax Tue, 12 Sep 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272578