https://www.taxtmi.com/caselaws?id=391006 For a life insurance business, income is computed under section 44 read with the First Schedule, so ordinary disallowance provisions under sections 28 to 43B do not apply in the usual manner. Dividend income was treated as exempt under section 10(34), and section 14A was held inapplicable to that computation. Profit on sale of investments was also treated as part of life insurance business income rather than separately taxable. A disallowed donation could still be examined for deduction under section 80G if supporting receipts and certificates are verified. The provision for bad debts disallowance was deleted on the same special-regime reasoning. en-us Tue, 14 Jan 2020 00:00:00 +0530 Thu, 16 Jan 2020 19:16:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391006 For a life insurance business, income is computed under section 44 read with the First Schedule, so ordinary disallowance provisions under sections 28 to 43B do not apply in the usual manner. Dividend income was treated as exempt under section 10(34), and section 14A was held inapplicable to that computation. Profit on sale of investments was also treated as part of life insurance business income rather than separately taxable. A disallowed donation could still be examined for deduction under section 80G if supporting receipts and certificates are verified. The provision for bad debts disallowance was deleted on the same special-regime reasoning. Case-Laws Income Tax Tue, 14 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391006