https://www.taxtmi.com/caselaws?id=274814 Section 44 and the First Schedule require life insurance income to be computed from actuarial valuation under the applicable regulatory framework. The Assessing Officer cannot rework the resulting actuarial surplus or separately tax surplus in the shareholders' account. A pension fund remains part of the insurance business for this computation, notwithstanding exemption of its income under section 10(23AAB). Losses from that fund must therefore be considered in determining and adjusted against the overall insurance-business surplus, leaving no separate tax addition on those grounds. 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 Section 44 and the First Schedule require life insurance income to be computed from actuarial valuation under the applicable regulatory framework. The Assessing Officer cannot rework the resulting actuarial surplus or separately tax surplus in the shareholders' account. A pension fund remains part of the insurance business for this computation, notwithstanding exemption of its income under section 10(23AAB). Losses from that fund must therefore be considered in determining and adjusted against the overall insurance-business surplus, leaving no separate tax addition on those grounds. Case-Laws Income Tax Thu, 30 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274814