https://www.taxtmi.com/caselaws?id=421352 For a general insurance company, income is computed under section 44 read with the First Schedule, so profit on sale or redemption of investments was not taxable for the relevant years and amortisation loss on securities was allowable. A contribution collected for the Environmental Relief Fund was treated as a custodial receipt, not real income, and was therefore outside section 43B. The Tribunal sustained only the specific disallowance supported by evidence in respect of bogus risk inspection charges, but rejected the separate ad hoc addition. It also held that section 14A does not apply to insurance business computed under the special scheme, while education cess was not deductible. en-us Tue, 19 Apr 2022 00:00:00 +0530 Thu, 21 Apr 2022 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421352 For a general insurance company, income is computed under section 44 read with the First Schedule, so profit on sale or redemption of investments was not taxable for the relevant years and amortisation loss on securities was allowable. A contribution collected for the Environmental Relief Fund was treated as a custodial receipt, not real income, and was therefore outside section 43B. The Tribunal sustained only the specific disallowance supported by evidence in respect of bogus risk inspection charges, but rejected the separate ad hoc addition. It also held that section 14A does not apply to insurance business computed under the special scheme, while education cess was not deductible. Case-Laws Income Tax Tue, 19 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421352