https://www.taxtmi.com/caselaws?id=310266 In life insurance business, income is to be computed under section 44 read with the First Schedule on the basis of actuarial valuation, and the Assessing Officer cannot alter the accounts after that valuation so as to rewrite the actuarial surplus. The note also explains that loss relating to a pension fund covered by section 10(23AAB) does not displace the section 44 computation or permit the Revenue to ignore the loss while determining taxable surplus. The stated effect is that actuarial surplus governs taxation for life insurers, and the appellate relief on both issues was sustained. en-us Thu, 22 Dec 2022 00:00:00 +0530 Sun, 15 Oct 2023 15:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310266 In life insurance business, income is to be computed under section 44 read with the First Schedule on the basis of actuarial valuation, and the Assessing Officer cannot alter the accounts after that valuation so as to rewrite the actuarial surplus. The note also explains that loss relating to a pension fund covered by section 10(23AAB) does not displace the section 44 computation or permit the Revenue to ignore the loss while determining taxable surplus. The stated effect is that actuarial surplus governs taxation for life insurers, and the appellate relief on both issues was sustained. Case-Laws Income Tax Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310266