https://www.taxtmi.com/caselaws?id=310263 For a life insurance business, taxable income must be computed strictly under section 44 read with Rule 2 of the First Schedule, so actuarial surplus shown in Form-I cannot be taxed by ignoring the statutory computation scheme and the relevant insurance accounts; the addition based on Form-I was deleted. The Tribunal also held that a pension fund forming part of the life insurance business remains within that computation even if its income is exempt under section 10(23AAB), so the loss from the pension fund could be taken into account and the disallowance was deleted. en-us Wed, 06 Oct 2021 00:00:00 +0530 Sun, 15 Oct 2023 15:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310263 For a life insurance business, taxable income must be computed strictly under section 44 read with Rule 2 of the First Schedule, so actuarial surplus shown in Form-I cannot be taxed by ignoring the statutory computation scheme and the relevant insurance accounts; the addition based on Form-I was deleted. The Tribunal also held that a pension fund forming part of the life insurance business remains within that computation even if its income is exempt under section 10(23AAB), so the loss from the pension fund could be taken into account and the disallowance was deleted. Case-Laws Income Tax Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310263