https://www.taxtmi.com/caselaws?id=395324 For a life insurer, section 44 read with the First Schedule governs taxable income on the statutory actuarial surplus basis, and profit credited in the shareholders' account remains part of the business computation. The Tribunal also reiterated that actuarial surplus must be worked out under the Insurance Act, 1938 method, and that funds earmarked for future appropriation and policyholder bonuses are ascertained liabilities not includible in taxable surplus. Dividend income was treated as exempt, while the donation claim was rejected as revenue expenditure, with the alternative section 80G claim remanded for verification. The earlier-year loss set-off and recomputation directions were correspondingly restricted. en-us Wed, 13 May 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395324 For a life insurer, section 44 read with the First Schedule governs taxable income on the statutory actuarial surplus basis, and profit credited in the shareholders' account remains part of the business computation. The Tribunal also reiterated that actuarial surplus must be worked out under the Insurance Act, 1938 method, and that funds earmarked for future appropriation and policyholder bonuses are ascertained liabilities not includible in taxable surplus. Dividend income was treated as exempt, while the donation claim was rejected as revenue expenditure, with the alternative section 80G claim remanded for verification. The earlier-year loss set-off and recomputation directions were correspondingly restricted. Case-Laws Income Tax Wed, 13 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395324