https://www.taxtmi.com/caselaws?id=300871 Section 44 of the Income-tax Act, 1961, read with the First Schedule, is treated as a special computation code for insurance business and overrides the general computation provisions. On that basis, dividend income of a life insurance company is stated to continue enjoying exemption under section 10(34), and section 14A read with rule 8D is not applied to disturb the statutory insurance computation. The commentary also states that actuarial surplus computed under the insurance framework should not be adjusted by adding negative reserve, and that loss from pension business can be considered in the insurance business computation notwithstanding section 10(23AAB). en-us Wed, 19 Dec 2018 00:00:00 +0530 Tue, 01 Mar 2022 18:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300871 Section 44 of the Income-tax Act, 1961, read with the First Schedule, is treated as a special computation code for insurance business and overrides the general computation provisions. On that basis, dividend income of a life insurance company is stated to continue enjoying exemption under section 10(34), and section 14A read with rule 8D is not applied to disturb the statutory insurance computation. The commentary also states that actuarial surplus computed under the insurance framework should not be adjusted by adding negative reserve, and that loss from pension business can be considered in the insurance business computation notwithstanding section 10(23AAB). Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300871