https://www.taxtmi.com/caselaws?id=282483 Income from life insurance business is computed under the special code in section 44 read with Rule 2 of the First Schedule, so actuarial surplus or deficit remains the starting point and earlier years' surplus cannot be taxed again. The policyholders' and shareholders' accounts are to be consolidated, and transfers between them are tax neutral; the net surplus alone is relevant. The note also states that section 14A does not apply in the same manner to insurers assessed under section 44, interest under section 234B was not sustainable on the facts, and negative reserves from actuarial valuation cannot be separately treated as taxable income. en-us Wed, 23 Aug 2017 00:00:00 +0530 Fri, 09 Aug 2019 13:56:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282483 Income from life insurance business is computed under the special code in section 44 read with Rule 2 of the First Schedule, so actuarial surplus or deficit remains the starting point and earlier years' surplus cannot be taxed again. The policyholders' and shareholders' accounts are to be consolidated, and transfers between them are tax neutral; the net surplus alone is relevant. The note also states that section 14A does not apply in the same manner to insurers assessed under section 44, interest under section 234B was not sustainable on the facts, and negative reserves from actuarial valuation cannot be separately treated as taxable income. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282483