https://www.taxtmi.com/caselaws?id=28638 For insurance business assessments, section 44 read with Rule 5 of the First Schedule requires profits and gains to be computed from the balance disclosed in the annual accounts furnished under the Insurance Act, subject only to the limited statutory adjustments in clauses (a), (b) and (c). The tax authority cannot go behind that disclosed figure or independently recharacterise an item shown as profit. On that basis, the exchange gain reflected in the accounts had to be included in taxable profits, and the challenge to its treatment failed. en-us Tue, 15 Jun 1982 00:00:00 +0530 Wed, 24 Feb 2010 15:07:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28638 For insurance business assessments, section 44 read with Rule 5 of the First Schedule requires profits and gains to be computed from the balance disclosed in the annual accounts furnished under the Insurance Act, subject only to the limited statutory adjustments in clauses (a), (b) and (c). The tax authority cannot go behind that disclosed figure or independently recharacterise an item shown as profit. On that basis, the exchange gain reflected in the accounts had to be included in taxable profits, and the challenge to its treatment failed. Case-Laws Income Tax Tue, 15 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28638