https://www.taxtmi.com/caselaws?id=276755 For insurance business deductions under rule 3(b) of the Indian Income-tax Act, 1922, the proviso requiring consultation with the Controller of Insurance applies only where the liability computation, after proper valuation of securities and assets, is materially inconsistent and artificially reduces the surplus. It does not apply where the securities themselves have been wrongly undervalued. On that basis, the Income-tax Officer could correct an erroneous securities valuation and recompute the deductible amount without first consulting the Controller of Insurance. en-us Wed, 02 Mar 1960 00:00:00 +0530 Fri, 16 Nov 2018 17:48:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276755 For insurance business deductions under rule 3(b) of the Indian Income-tax Act, 1922, the proviso requiring consultation with the Controller of Insurance applies only where the liability computation, after proper valuation of securities and assets, is materially inconsistent and artificially reduces the surplus. It does not apply where the securities themselves have been wrongly undervalued. On that basis, the Income-tax Officer could correct an erroneous securities valuation and recompute the deductible amount without first consulting the Controller of Insurance. Case-Laws Income Tax Wed, 02 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276755