https://www.taxtmi.com/caselaws?id=290552 A company carrying on insurance business through a distinct corporate structure with shareholders, directors, share capital and separate policy-holder rights is not a mutual concern, because the required identity between contributors and participators is absent; exemption on the principle in Styles' case was therefore denied. Rule 31 of the Income Tax Rules, read with section 59 of the Income Tax Act, 1922, applied to a dividing insurance society where policy benefits varied according to the yearly division of funds rather than being fixed; the business was accordingly assessable at the prescribed rate and the revenue's tax treatment was upheld. en-us Mon, 27 Feb 1939 00:00:00 +0530 Mon, 05 Oct 2020 12:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290552 A company carrying on insurance business through a distinct corporate structure with shareholders, directors, share capital and separate policy-holder rights is not a mutual concern, because the required identity between contributors and participators is absent; exemption on the principle in Styles' case was therefore denied. Rule 31 of the Income Tax Rules, read with section 59 of the Income Tax Act, 1922, applied to a dividing insurance society where policy benefits varied according to the yearly division of funds rather than being fixed; the business was accordingly assessable at the prescribed rate and the revenue's tax treatment was upheld. Case-Laws Income Tax Mon, 27 Feb 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290552