https://www.taxtmi.com/caselaws?id=310242 Income from life insurance business is governed by the special computation regime in section 44, so actuarial valuation principles determine the taxable result and the surplus cannot be recomputed under general income-tax rules. Amounts transferred from the shareholders' account were treated as part of the actuarial surplus, and no separate addition was warranted. The Tribunal also held that the pension fund loss could not be disallowed merely because income from the fund was claimed exempt under section 10(23AAB), since the fund remained part of the insurance business computation and its loss had to be reflected in the actuarial surplus. The Revenue's appeals therefore failed. en-us Fri, 31 Aug 2018 00:00:00 +0530 Fri, 13 Oct 2023 21:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310242 Income from life insurance business is governed by the special computation regime in section 44, so actuarial valuation principles determine the taxable result and the surplus cannot be recomputed under general income-tax rules. Amounts transferred from the shareholders' account were treated as part of the actuarial surplus, and no separate addition was warranted. The Tribunal also held that the pension fund loss could not be disallowed merely because income from the fund was claimed exempt under section 10(23AAB), since the fund remained part of the insurance business computation and its loss had to be reflected in the actuarial surplus. The Revenue's appeals therefore failed. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310242