https://www.taxtmi.com/caselaws?id=432733 Section 44 and Rule 2 of the First Schedule govern computation of profits of a life insurance business on a special statutory basis, so section 14A cannot be invoked in that framework. The Assessing Officer must accept the actuarial surplus or deficit disclosed under the scheme and cannot make additions by disallowing excess provision of income-tax beyond the adjustments expressly permitted. Shareholders' account income and tax provision are not separate from the composite life insurance computation where the assessee carries on only that business. An additional legal ground seeking exemption of interest income under section 10(15) may be admitted where no fresh factual inquiry is required. en-us Tue, 10 Jan 2023 00:00:00 +0530 Thu, 12 Jan 2023 07:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432733 Section 44 and Rule 2 of the First Schedule govern computation of profits of a life insurance business on a special statutory basis, so section 14A cannot be invoked in that framework. The Assessing Officer must accept the actuarial surplus or deficit disclosed under the scheme and cannot make additions by disallowing excess provision of income-tax beyond the adjustments expressly permitted. Shareholders' account income and tax provision are not separate from the composite life insurance computation where the assessee carries on only that business. An additional legal ground seeking exemption of interest income under section 10(15) may be admitted where no fresh factual inquiry is required. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432733