https://www.taxtmi.com/caselaws?id=28185 The phrase "life insurance business" in the First Schedule to the Income-tax Act, 1961 was construed by reference to section 2(11) of the Insurance Act, 1938, meaning the business of effecting contracts of insurance upon human life. The Court applied the plain meaning of "effecting" and held that it refers to issuing new policies, not merely servicing existing ones. On that construction, servicing old life insurance policies without issuing new policies does not amount to carrying on life insurance business, and the special computation provisions under the First Schedule do not apply to that activity. en-us Thu, 02 Feb 1984 00:00:00 +0530 Fri, 19 Feb 2010 15:13:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28185 The phrase "life insurance business" in the First Schedule to the Income-tax Act, 1961 was construed by reference to section 2(11) of the Insurance Act, 1938, meaning the business of effecting contracts of insurance upon human life. The Court applied the plain meaning of "effecting" and held that it refers to issuing new policies, not merely servicing existing ones. On that construction, servicing old life insurance policies without issuing new policies does not amount to carrying on life insurance business, and the special computation provisions under the First Schedule do not apply to that activity. Case-Laws Income Tax Thu, 02 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28185