https://www.taxtmi.com/caselaws?id=392405 Section 44 read with the First Schedule governs the computation of profits and gains from life insurance business, but it does not bar scrutiny of whether the statutory method has actually been followed. The Assessing Officer retains jurisdiction to examine the books and verify the assessee's computation, and is not bound to accept the declared figure at face value. An appellate direction fixing income at the assessee's declared amount would improperly remove that assessment function. The legal position is therefore that the Revenue may require computation strictly in accordance with the statutory scheme while still testing the correctness of the return. en-us Fri, 14 Feb 2020 00:00:00 +0530 Wed, 19 Feb 2020 16:40:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392405 Section 44 read with the First Schedule governs the computation of profits and gains from life insurance business, but it does not bar scrutiny of whether the statutory method has actually been followed. The Assessing Officer retains jurisdiction to examine the books and verify the assessee's computation, and is not bound to accept the declared figure at face value. An appellate direction fixing income at the assessee's declared amount would improperly remove that assessment function. The legal position is therefore that the Revenue may require computation strictly in accordance with the statutory scheme while still testing the correctness of the return. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392405