https://www.taxtmi.com/caselaws?id=300875 For insurance business, section 44 and the First Schedule operate as a special computation code overriding general disallowance provisions. The Tribunal held that section 14A read with rule 8D cannot be applied to an insurer whose profits are computed under that scheme, so the disallowance linked to exempt dividend income was deleted. It also held that the actuarial surplus cannot be adjusted by separately adding increment in negative reserves, because such reserves are already embedded in the valuation. A deficit from the non-participating linked pension segment was likewise not disallowable merely because the related income enjoyed exemption under section 10(23AAB). en-us Tue, 30 Jul 2019 00:00:00 +0530 Tue, 01 Mar 2022 18:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300875 For insurance business, section 44 and the First Schedule operate as a special computation code overriding general disallowance provisions. The Tribunal held that section 14A read with rule 8D cannot be applied to an insurer whose profits are computed under that scheme, so the disallowance linked to exempt dividend income was deleted. It also held that the actuarial surplus cannot be adjusted by separately adding increment in negative reserves, because such reserves are already embedded in the valuation. A deficit from the non-participating linked pension segment was likewise not disallowable merely because the related income enjoyed exemption under section 10(23AAB). Case-Laws Income Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300875