https://www.taxtmi.com/caselaws?id=277481 Rule 35 could be used for the Indian branches of a non-resident life insurance company only where income, profits and gains could not be ascertained from more reliable data, and the materials produced with the return were not a better basis than the statutory method. Triennial actuarial valuation was treated as the most reliable method for life insurance profits, so resort to Rule 35 was justified. However, an assessment under that rule still had to reflect taxable income lawfully, and the computation here ignored the non-taxability of surplus from participating policy-holders' contributions and omitted relevant deductions and liabilities. The assessment was therefore held unsustainable and not binding. en-us Mon, 18 Nov 1935 00:00:00 +0530 Wed, 05 Dec 2018 12:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277481 Rule 35 could be used for the Indian branches of a non-resident life insurance company only where income, profits and gains could not be ascertained from more reliable data, and the materials produced with the return were not a better basis than the statutory method. Triennial actuarial valuation was treated as the most reliable method for life insurance profits, so resort to Rule 35 was justified. However, an assessment under that rule still had to reflect taxable income lawfully, and the computation here ignored the non-taxability of surplus from participating policy-holders' contributions and omitted relevant deductions and liabilities. The assessment was therefore held unsustainable and not binding. Case-Laws Income Tax Mon, 18 Nov 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277481