https://www.taxtmi.com/caselaws?id=444393 Taxable income from life insurance business is computed under Section 44 read with Rule 2 of the First Schedule on the basis of the combined actuarial surplus from policyholders' and shareholders' accounts; the surplus shown only in Form I, without consolidation, is not the complete taxable surplus. On that basis, the addition made from Form I surplus was deleted. The loss or surplus arising from the approved pension fund was also held to form part of the actuarial computation for life insurance business and could not be separately disallowed merely because the Revenue disputed earlier precedent. The disallowance relating to the pension fund was therefore deleted. en-us Mon, 24 Jul 2023 00:00:00 +0530 Sat, 14 Oct 2023 20:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444393 Taxable income from life insurance business is computed under Section 44 read with Rule 2 of the First Schedule on the basis of the combined actuarial surplus from policyholders' and shareholders' accounts; the surplus shown only in Form I, without consolidation, is not the complete taxable surplus. On that basis, the addition made from Form I surplus was deleted. The loss or surplus arising from the approved pension fund was also held to form part of the actuarial computation for life insurance business and could not be separately disallowed merely because the Revenue disputed earlier precedent. The disallowance relating to the pension fund was therefore deleted. Case-Laws Income Tax Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444393