https://www.taxtmi.com/caselaws?id=384371 Omission to decide grounds already raised and covered by existing precedent was treated as a mistake apparent from the record, making rectification under section 254(2) proper. For life insurance valuation, Rule 2 of the First Schedule was read as continuing to incorporate the unamended Insurance Act, 1938 rather than the later IRDA framework, so actuarial valuation had to follow that statutory basis. Income credited to the shareholder's account was also treated as business income of the insurance business. The rectification applications were therefore allowed and the earlier order was modified to include the omitted determinations. en-us Fri, 02 Aug 2019 00:00:00 +0530 Fri, 09 Aug 2019 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384371 Omission to decide grounds already raised and covered by existing precedent was treated as a mistake apparent from the record, making rectification under section 254(2) proper. For life insurance valuation, Rule 2 of the First Schedule was read as continuing to incorporate the unamended Insurance Act, 1938 rather than the later IRDA framework, so actuarial valuation had to follow that statutory basis. Income credited to the shareholder's account was also treated as business income of the insurance business. The rectification applications were therefore allowed and the earlier order was modified to include the omitted determinations. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384371