https://www.taxtmi.com/caselaws?id=290623 Participating premiums in a mutual insurance arrangement are treated as members' contributions to a common fund and are not taxable as profits or gains of the insurer. Where a non-resident insurer fails to furnish a proper return, taxable income may be estimated on the best available material under the statutory scheme, and the Indian branch income may be computed by the special proportionate rule when reliable data are lacking. The reference provision also permits amendment of the questions referred so the real controversy can be answered. en-us Wed, 04 Feb 1931 00:00:00 +0530 Wed, 07 Oct 2020 11:15:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290623 Participating premiums in a mutual insurance arrangement are treated as members' contributions to a common fund and are not taxable as profits or gains of the insurer. Where a non-resident insurer fails to furnish a proper return, taxable income may be estimated on the best available material under the statutory scheme, and the Indian branch income may be computed by the special proportionate rule when reliable data are lacking. The reference provision also permits amendment of the questions referred so the real controversy can be answered. Case-Laws Income Tax Wed, 04 Feb 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290623