https://www.taxtmi.com/caselaws?id=297460 Life insurance business income is computed under section 44 read with the First Schedule, and that special regime governs actuarial valuation adjustments, transfers between shareholders' and policyholders' accounts, and related actuarial surplus items. On that basis, low-value assets may qualify for 100% depreciation treatment only within the insurance computation framework, while dividend income already treated as exempt does not attract disallowance under section 14A read with Rule 8D in this context. The note also states that brought-forward business losses are to be set off only in accordance with the Act's conditions, surplus in the shareholders' account is not separately assessable as income from other sources, and the actuarial treatment of negative reserve is not to be disturbed by a separate deduction claim. 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, and that special regime governs actuarial valuation adjustments, transfers between shareholders' and policyholders' accounts, and related actuarial surplus items. On that basis, low-value assets may qualify for 100% depreciation treatment only within the insurance computation framework, while dividend income already treated as exempt does not attract disallowance under section 14A read with Rule 8D in this context. The note also states that brought-forward business losses are to be set off only in accordance with the Act's conditions, surplus in the shareholders' account is not separately assessable as income from other sources, and the actuarial treatment of negative reserve is not to be disturbed by a separate deduction claim. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297460