https://www.taxtmi.com/caselaws?id=413923 Section 44 provides a special code for computing life insurance business income under the First Schedule, so the surplus is determined by the actuarial method rather than by splitting the shareholders' and policyholders' accounts. The Karnataka High Court applied that regime and rejected the revenue's attempt to tax only a net surplus on that basis. It also held that exemption of pension fund income under section 10(23AAB) does not remove the related actuarial loss from the special computation, so the loss can still be considered in determining surplus under section 44. en-us Tue, 31 Aug 2021 00:00:00 +0530 Thu, 23 Jun 2022 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413923 Section 44 provides a special code for computing life insurance business income under the First Schedule, so the surplus is determined by the actuarial method rather than by splitting the shareholders' and policyholders' accounts. The Karnataka High Court applied that regime and rejected the revenue's attempt to tax only a net surplus on that basis. It also held that exemption of pension fund income under section 10(23AAB) does not remove the related actuarial loss from the special computation, so the loss can still be considered in determining surplus under section 44. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413923