https://www.taxtmi.com/caselaws?id=310244 In life insurance business, income is computed under the special regime in section 44 on the basis of actuarial valuation, and the Assessing Officer cannot rework the actuarial surplus after valuation. The actuarial surplus addition was therefore not sustainable. The treatment of loss from the Jeevan Suraksha Fund also had to follow that special regime; exemption for pension fund income did not displace its inclusion in actuarial surplus computation. The loss could not be separately taxed or ignored on the footing that the fund's income was exempt. Relief to the assessee was affirmed and the Revenue's appeal failed. en-us Wed, 25 Sep 2019 00:00:00 +0530 Thu, 19 Dec 2024 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310244 In life insurance business, income is computed under the special regime in section 44 on the basis of actuarial valuation, and the Assessing Officer cannot rework the actuarial surplus after valuation. The actuarial surplus addition was therefore not sustainable. The treatment of loss from the Jeevan Suraksha Fund also had to follow that special regime; exemption for pension fund income did not displace its inclusion in actuarial surplus computation. The loss could not be separately taxed or ignored on the footing that the fund's income was exempt. Relief to the assessee was affirmed and the Revenue's appeal failed. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310244