https://www.taxtmi.com/caselaws?id=304853 For life insurers, section 44 does not override exemptions under section 10 where the statutory conditions are met, so fund losses and eligible dividend income may be treated according to the applicable exemption provisions. The insurance valuation surplus computed through actuarial valuation and Form-I is not to be revised by the Assessing Officer, and negative reserves are to be handled within that special computation framework. The surplus distribution and interim bonus issue under the Life Insurance Corporation Act required limited factual verification before a fresh decision. Income credited to the shareholders' account remained taxable in the insurer's hands, as it represented application of income rather than an exclusion from taxability. en-us Wed, 06 Sep 2017 00:00:00 +0530 Tue, 01 Nov 2022 11:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304853 For life insurers, section 44 does not override exemptions under section 10 where the statutory conditions are met, so fund losses and eligible dividend income may be treated according to the applicable exemption provisions. The insurance valuation surplus computed through actuarial valuation and Form-I is not to be revised by the Assessing Officer, and negative reserves are to be handled within that special computation framework. The surplus distribution and interim bonus issue under the Life Insurance Corporation Act required limited factual verification before a fresh decision. Income credited to the shareholders' account remained taxable in the insurer's hands, as it represented application of income rather than an exclusion from taxability. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304853