https://www.taxtmi.com/caselaws?id=304872 For life-insurance business, section 44 and the First Schedule form a special computation regime that precludes disallowance under section 14A read with Rule 8D. Dividend income was treated as exempt under section 10(34), while loss of the Jeevan Suraksha Pension Fund remained includible in actuarial surplus despite section 10(23AAB) exemption. Negative reserve required no adjustment to taxable surplus because actuarial accounts could not be modified after valuation. Sections 115-O and 115Q were inapplicable. Interim-bonus treatment required fresh examination. Shareholder-fund amounts directly credited to shareholder accounts were taxable, and section 80G relief for the donation was unavailable because it would duplicate a deduction already reflected in insurance-income computation. en-us Fri, 08 Apr 2022 00:00:00 +0530 Tue, 01 Nov 2022 20:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304872 For life-insurance business, section 44 and the First Schedule form a special computation regime that precludes disallowance under section 14A read with Rule 8D. Dividend income was treated as exempt under section 10(34), while loss of the Jeevan Suraksha Pension Fund remained includible in actuarial surplus despite section 10(23AAB) exemption. Negative reserve required no adjustment to taxable surplus because actuarial accounts could not be modified after valuation. Sections 115-O and 115Q were inapplicable. Interim-bonus treatment required fresh examination. Shareholder-fund amounts directly credited to shareholder accounts were taxable, and section 80G relief for the donation was unavailable because it would duplicate a deduction already reflected in insurance-income computation. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304872