https://www.taxtmi.com/caselaws?id=310243 Life insurance business income must be computed under section 44 read with Rule 2 of the First Schedule, with actuarial valuation surplus forming the relevant computation basis. On that framework, a transfer from the shareholders' account to the policyholders' account, even if shown as part of surplus, is not excluded from taxable computation merely because of its accounting route. The text also states that a pension fund loss is not ignored solely because the fund's income is exempt under section 10(23AAB); the loss remains relevant within the section 44 actuarial valuation process. en-us Fri, 24 May 2019 00:00:00 +0530 Fri, 13 Oct 2023 21:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310243 Life insurance business income must be computed under section 44 read with Rule 2 of the First Schedule, with actuarial valuation surplus forming the relevant computation basis. On that framework, a transfer from the shareholders' account to the policyholders' account, even if shown as part of surplus, is not excluded from taxable computation merely because of its accounting route. The text also states that a pension fund loss is not ignored solely because the fund's income is exempt under section 10(23AAB); the loss remains relevant within the section 44 actuarial valuation process. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310243