https://www.taxtmi.com/caselaws?id=274817 Income from life insurance business is computed under section 44 of the Income-tax Act, 1961 read with the First Schedule, so the statutory actuarial method prevails and the Assessing Officer cannot disturb the valuation once that framework is applied. The surplus in the policyholders' and shareholders' accounts is treated as part of the insurance business computation, and claimed exemptions under section 10 and related loss adjustments must be addressed within that scheme. Section 14A is treated as inapplicable to such computation. The discussion follows earlier Tribunal and jurisdictional High Court rulings and states that the Revenue's substantive objections were rejected. en-us Fri, 23 Jun 2017 00:00:00 +0530 Thu, 06 Sep 2018 07:20:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274817 Income from life insurance business is computed under section 44 of the Income-tax Act, 1961 read with the First Schedule, so the statutory actuarial method prevails and the Assessing Officer cannot disturb the valuation once that framework is applied. The surplus in the policyholders' and shareholders' accounts is treated as part of the insurance business computation, and claimed exemptions under section 10 and related loss adjustments must be addressed within that scheme. Section 14A is treated as inapplicable to such computation. The discussion follows earlier Tribunal and jurisdictional High Court rulings and states that the Revenue's substantive objections were rejected. Case-Laws Income Tax Fri, 23 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274817