https://www.taxtmi.com/caselaws?id=37959 Section 44 and rule 2 of the First Schedule govern the computation of life insurance business income by a special code, so only exclusions and adjustments expressly permitted by that scheme can be made. The Bombay High Court held that deductions, rebates, or exempt-concession claims not specifically overridden by section 44 were still available, so the relevant receipts were not includible in the taxable surplus. It also held that rule 2(1)(b) allows adjustment only of a surplus or deficit actually brought into an earlier inter-valuation period and of specified disallowable expenditure, and that vesting provisions under another statute cannot enlarge that limited computation. The refund claim therefore failed under rule 2(1)(b). en-us Fri, 04 Nov 1977 00:00:00 +0530 Fri, 02 Apr 2010 13:01:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37959 Section 44 and rule 2 of the First Schedule govern the computation of life insurance business income by a special code, so only exclusions and adjustments expressly permitted by that scheme can be made. The Bombay High Court held that deductions, rebates, or exempt-concession claims not specifically overridden by section 44 were still available, so the relevant receipts were not includible in the taxable surplus. It also held that rule 2(1)(b) allows adjustment only of a surplus or deficit actually brought into an earlier inter-valuation period and of specified disallowable expenditure, and that vesting provisions under another statute cannot enlarge that limited computation. The refund claim therefore failed under rule 2(1)(b). Case-Laws Income Tax Fri, 04 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37959