https://www.taxtmi.com/caselaws?id=300872 Section 44 and the First Schedule govern the computation of profits and gains of insurance business, so the general disallowance mechanism under section 14A could not be invoked to disturb that special computation. The pension business deficit was also part of the insurance business and had to be reflected in the actuarial computation, so it was allowed. Dividend income did not lose exemption under section 10(34) merely because it entered the insurance surplus computation, and the exemption remained available where statutory conditions were satisfied. The assessee succeeded on all substantive issues. en-us Thu, 20 Dec 2018 00:00:00 +0530 Tue, 01 Mar 2022 18:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300872 Section 44 and the First Schedule govern the computation of profits and gains of insurance business, so the general disallowance mechanism under section 14A could not be invoked to disturb that special computation. The pension business deficit was also part of the insurance business and had to be reflected in the actuarial computation, so it was allowed. Dividend income did not lose exemption under section 10(34) merely because it entered the insurance surplus computation, and the exemption remained available where statutory conditions were satisfied. The assessee succeeded on all substantive issues. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300872