https://www.taxtmi.com/caselaws?id=289612 Income of an insurance business must be computed exclusively under the special statutory schedule, so securities income placed at the branch's disposal could not be taxed under the residuary head as income from other sources. An omitted item of accrued interest could not be added back to the actuarial valuation because only adjustments expressly permitted by the schedule were allowable. The deduction under rule 3(a) applied to the computation of the valuation itself and was not contingent on the existence of a surplus, so it remained available even where the valuation showed a deficit. en-us Thu, 15 Sep 1955 00:00:00 +0530 Sat, 08 Aug 2020 10:34:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289612 Income of an insurance business must be computed exclusively under the special statutory schedule, so securities income placed at the branch's disposal could not be taxed under the residuary head as income from other sources. An omitted item of accrued interest could not be added back to the actuarial valuation because only adjustments expressly permitted by the schedule were allowable. The deduction under rule 3(a) applied to the computation of the valuation itself and was not contingent on the existence of a surplus, so it remained available even where the valuation showed a deficit. Case-Laws Income Tax Thu, 15 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289612