https://www.taxtmi.com/caselaws?id=310266 Life insurance income is computed under section 44 and the First Schedule on the actuarial valuation basis; the Assessing Officer cannot alter accounts after that valuation to tax transfers from shareholders' to policyholders' accounts reflected in actuarial surplus. The addition relating to that transfer was therefore deleted. Pension fund operations also remain within section 44 computation, and the exempt character of pension fund income under section 10(23AAB) does not justify disregarding pension fund losses when determining actuarial surplus. The deletion of the related addition was upheld, and the Revenue's appeal was rejected. 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 Life insurance income is computed under section 44 and the First Schedule on the actuarial valuation basis; the Assessing Officer cannot alter accounts after that valuation to tax transfers from shareholders' to policyholders' accounts reflected in actuarial surplus. The addition relating to that transfer was therefore deleted. Pension fund operations also remain within section 44 computation, and the exempt character of pension fund income under section 10(23AAB) does not justify disregarding pension fund losses when determining actuarial surplus. The deletion of the related addition was upheld, and the Revenue's appeal was rejected. Case-Laws Income Tax Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310266