https://www.taxtmi.com/caselaws?id=387356 For a life insurance company, income from sale of investments held as part of regulated insurance funds falls within the special computation scheme under section 44 read with the First Schedule, so it cannot be taxed as a separate source; the related addition was deleted. A provision for fringe benefit tax was also not liable to be added back in computing life insurance business income because the First Schedule did not require that adjustment; the disallowance was deleted. The appellate authority further accepted an additional legal ground and allowed exemption for dividend income under section 10(34), noting that the relevant facts were already on record. en-us Tue, 17 Sep 2019 00:00:00 +0530 Tue, 22 Oct 2019 10:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387356 For a life insurance company, income from sale of investments held as part of regulated insurance funds falls within the special computation scheme under section 44 read with the First Schedule, so it cannot be taxed as a separate source; the related addition was deleted. A provision for fringe benefit tax was also not liable to be added back in computing life insurance business income because the First Schedule did not require that adjustment; the disallowance was deleted. The appellate authority further accepted an additional legal ground and allowed exemption for dividend income under section 10(34), noting that the relevant facts were already on record. Case-Laws Income Tax Tue, 17 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387356