https://www.taxtmi.com/caselaws?id=284080 Section 44, read with the First Schedule, governs the computation of profits of a life insurance business and overrides the normal business-computation provisions in sections 28 to 43B; on that basis, provision for doubtful debts and profit on sale of investments were treated as part of the insurance computation, while provision for fringe benefit tax remained not allowable. Transfer pricing under section 92 was held to continue to apply separately, but the adjustment on short-term consultancy services was sent back for fresh determination. Dividend income qualified for exemption under section 10(34), and donation expenditure could be considered under section 80G subject to verification and statutory conditions. en-us Mon, 22 Apr 2019 00:00:00 +0530 Wed, 30 Oct 2019 10:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284080 Section 44, read with the First Schedule, governs the computation of profits of a life insurance business and overrides the normal business-computation provisions in sections 28 to 43B; on that basis, provision for doubtful debts and profit on sale of investments were treated as part of the insurance computation, while provision for fringe benefit tax remained not allowable. Transfer pricing under section 92 was held to continue to apply separately, but the adjustment on short-term consultancy services was sent back for fresh determination. Dividend income qualified for exemption under section 10(34), and donation expenditure could be considered under section 80G subject to verification and statutory conditions. Case-Laws Income Tax Mon, 22 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284080