https://www.taxtmi.com/caselaws?id=290808 Section 44 and the First Schedule govern life insurance income computation on a special basis, so actuarial surplus or deficit is to be determined from the prescribed insurance accounts without treating transfers between policyholders' and shareholders' funds as separate taxable income. Annuity, health, group and similar life-based schemes were treated as part of life insurance business, keeping Rule 5 inapplicable. Shareholder-account income remained part of the same insurance business and was not taxable separately at normal corporate rates. Negative reserve and the claimed full depreciation adjustment were not to be brought into tax outside the prescribed actuarial method, and section 14A with Rule 8D was held inapplicable to insurance business income. The assessee's appeal was allowed and the revenue's appeal was rejected. en-us Fri, 22 Nov 2019 00:00:00 +0530 Sat, 17 Oct 2020 12:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290808 Section 44 and the First Schedule govern life insurance income computation on a special basis, so actuarial surplus or deficit is to be determined from the prescribed insurance accounts without treating transfers between policyholders' and shareholders' funds as separate taxable income. Annuity, health, group and similar life-based schemes were treated as part of life insurance business, keeping Rule 5 inapplicable. Shareholder-account income remained part of the same insurance business and was not taxable separately at normal corporate rates. Negative reserve and the claimed full depreciation adjustment were not to be brought into tax outside the prescribed actuarial method, and section 14A with Rule 8D was held inapplicable to insurance business income. The assessee's appeal was allowed and the revenue's appeal was rejected. Case-Laws Income Tax Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290808