https://www.taxtmi.com/caselaws?id=765165 An appellate authority may admit a new legal claim where the relevant facts are already on record; on that basis, the assessee's additional claim for exemption of interest income under section 10(15)(iv)(h) and its claim for deduction under section 80G were remitted to the Assessing Officer for verification and decision in accordance with law. The Tribunal also applied the settled rule that profits of a life insurance business are to be computed under section 44 read with the First Schedule, and followed earlier coordinate-bench decisions to reject the Revenue's objections concerning shareholder account income, gains on sale of investments, bonus allocation, funds for future appropriation, and bad debts. en-us Tue, 31 Dec 2024 00:00:00 +0530 Mon, 27 Jan 2025 08:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765165 An appellate authority may admit a new legal claim where the relevant facts are already on record; on that basis, the assessee's additional claim for exemption of interest income under section 10(15)(iv)(h) and its claim for deduction under section 80G were remitted to the Assessing Officer for verification and decision in accordance with law. The Tribunal also applied the settled rule that profits of a life insurance business are to be computed under section 44 read with the First Schedule, and followed earlier coordinate-bench decisions to reject the Revenue's objections concerning shareholder account income, gains on sale of investments, bonus allocation, funds for future appropriation, and bad debts. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765165