https://www.taxtmi.com/caselaws?id=274814 The Tribunal ruled that transfers between Share Holders Account and Policy Holder's Account were not taxable under section 44 of the Income Tax Act as they involved capital assets. The surplus in both accounts was consolidated and only the net surplus was taxed as income from insurance business. The Tribunal referred the issue of income from non-insurance activities back to the assessing officer for review. It affirmed the relevance of section 10 to insurance business and allowed for the reduction of exempt income from taxable income. The Tribunal rejected the addition of a negative reserve in actuarial surplus calculation, upholding the Commissioner (Appeals) decision and dismissing the revenue's appeal. en-us Thu, 30 Mar 2017 00:00:00 +0530 Wed, 05 Sep 2018 12:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274814 The Tribunal ruled that transfers between Share Holders Account and Policy Holder's Account were not taxable under section 44 of the Income Tax Act as they involved capital assets. The surplus in both accounts was consolidated and only the net surplus was taxed as income from insurance business. The Tribunal referred the issue of income from non-insurance activities back to the assessing officer for review. It affirmed the relevance of section 10 to insurance business and allowed for the reduction of exempt income from taxable income. The Tribunal rejected the addition of a negative reserve in actuarial surplus calculation, upholding the Commissioner (Appeals) decision and dismissing the revenue's appeal. Case-Laws Income Tax Thu, 30 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274814