https://www.taxtmi.com/caselaws?id=384385 For life insurance business, profits and gains are computed under section 44 of the Income-tax Act read with Rule 2 of the First Schedule, which overrides the general computation provisions. On that basis, income credited in the shareholders' account is not separately taxable where it forms part of life insurance business profits under the special regime. The same special code also excludes recourse to section 14A for segregating exempt income and related expenditure in computing insurance business profits. The discussion further confines consideration to the actuarial surplus issue in the non-linked participating policyholders' account. en-us Wed, 07 Aug 2019 00:00:00 +0530 Sat, 10 Aug 2019 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384385 For life insurance business, profits and gains are computed under section 44 of the Income-tax Act read with Rule 2 of the First Schedule, which overrides the general computation provisions. On that basis, income credited in the shareholders' account is not separately taxable where it forms part of life insurance business profits under the special regime. The same special code also excludes recourse to section 14A for segregating exempt income and related expenditure in computing insurance business profits. The discussion further confines consideration to the actuarial surplus issue in the non-linked participating policyholders' account. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384385