https://www.taxtmi.com/caselaws?id=290553 The Calcutta HC noted that the special actuarial method for life-assurance profits under the 1922 Act did not displace an express statutory exemption: interest on Government of India tax-free securities retained its exempt character even when reflected in the valuation figure, so the assessee could exclude that portion from taxable profits. It also held that statutory credit for tax deducted at source on securities interest remained available under the credit provisions despite the computation rules, because the deduction and credit machinery operated independently of the life-assurance computation method. On reassessment, the court stated that where proceedings under Section 34 were without jurisdiction on the facts, the Assistant Commissioner could not validly enhance the assessment; annulment, not enhancement, was the proper course. en-us Sat, 20 Mar 1937 00:00:00 +0530 Thu, 08 Oct 2020 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290553 The Calcutta HC noted that the special actuarial method for life-assurance profits under the 1922 Act did not displace an express statutory exemption: interest on Government of India tax-free securities retained its exempt character even when reflected in the valuation figure, so the assessee could exclude that portion from taxable profits. It also held that statutory credit for tax deducted at source on securities interest remained available under the credit provisions despite the computation rules, because the deduction and credit machinery operated independently of the life-assurance computation method. On reassessment, the court stated that where proceedings under Section 34 were without jurisdiction on the facts, the Assistant Commissioner could not validly enhance the assessment; annulment, not enhancement, was the proper course. Case-Laws Income Tax Sat, 20 Mar 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290553