https://www.taxtmi.com/caselaws?id=297460 Life insurance business income is computed under section 44 read with the First Schedule, which operates as a special code for actuarial valuation adjustments, transfers between shareholders' and policyholders' accounts, and related insurance-business items. This regime displaces the normal depreciation rules, supports depreciation on low-value assets, and excludes disallowance under section 14A read with Rule 8D when computing such income. Dividend income remains exempt, subject to the applicable provisions. Available brought-forward business losses may be set off where statutory conditions, including timely filing, are met. Shareholders' account surplus forms part of composite life insurance profits rather than income from other sources. Separate deduction for a decrease in negative reserve does not arise independently under the accepted actuarial framework. en-us Wed, 24 Jul 2019 00:00:00 +0530 Mon, 06 Sep 2021 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297460 Life insurance business income is computed under section 44 read with the First Schedule, which operates as a special code for actuarial valuation adjustments, transfers between shareholders' and policyholders' accounts, and related insurance-business items. This regime displaces the normal depreciation rules, supports depreciation on low-value assets, and excludes disallowance under section 14A read with Rule 8D when computing such income. Dividend income remains exempt, subject to the applicable provisions. Available brought-forward business losses may be set off where statutory conditions, including timely filing, are met. Shareholders' account surplus forms part of composite life insurance profits rather than income from other sources. Separate deduction for a decrease in negative reserve does not arise independently under the accepted actuarial framework. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297460