https://www.taxtmi.com/caselaws?id=753852 For life insurance business, income is computed under section 44 read with Rule 2 of the First Schedule on the actuarial surplus or deficit basis, and the assessee's method, including transfer between shareholders' and policyholders' accounts, was accepted as consistent with that special scheme. Exemptions under section 10(34) and section 10(23AAB) were treated as available in the insurance income computation, and section 14A was held not to override the special statutory regime. The applicable tax rate for life insurance business was also recognised under section 115B, so the higher rate applied by the Assessing Officer was not sustained. en-us Wed, 31 Jan 2024 00:00:00 +0530 Tue, 11 Jun 2024 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753852 For life insurance business, income is computed under section 44 read with Rule 2 of the First Schedule on the actuarial surplus or deficit basis, and the assessee's method, including transfer between shareholders' and policyholders' accounts, was accepted as consistent with that special scheme. Exemptions under section 10(34) and section 10(23AAB) were treated as available in the insurance income computation, and section 14A was held not to override the special statutory regime. The applicable tax rate for life insurance business was also recognised under section 115B, so the higher rate applied by the Assessing Officer was not sustained. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753852