https://www.taxtmi.com/caselaws?id=295647 For a general insurance company, income is to be computed under section 44 and the First Schedule, so only express statutory adjustments are permissible; on that basis, profit on sale of investments was not brought to tax and amortisation of premium on securities was allowed. The tribunal also accepted that section 10 exemptions could be claimed and that section 14A read with Rule 8D could not be applied in the insurance computation regime. It further held that section 69B was not attracted on the facts, section 115JB did not apply to insurance accounts prepared under the Insurance Act framework, and the tax-credit claim under sections 90 and 91 required fresh appellate examination. The additions for reversal of impairment provision and ex gratia payment were deleted. en-us Wed, 16 Mar 2016 00:00:00 +0530 Mon, 14 Jun 2021 09:07:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295647 For a general insurance company, income is to be computed under section 44 and the First Schedule, so only express statutory adjustments are permissible; on that basis, profit on sale of investments was not brought to tax and amortisation of premium on securities was allowed. The tribunal also accepted that section 10 exemptions could be claimed and that section 14A read with Rule 8D could not be applied in the insurance computation regime. It further held that section 69B was not attracted on the facts, section 115JB did not apply to insurance accounts prepared under the Insurance Act framework, and the tax-credit claim under sections 90 and 91 required fresh appellate examination. The additions for reversal of impairment provision and ex gratia payment were deleted. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295647