https://www.taxtmi.com/caselaws?id=770239 Income arising in a life insurer's shareholders' account remains part of the same life insurance business, because separate shareholders' and policyholders' accounts are only a regulatory requirement and do not create distinct taxable businesses. It cannot be assessed independently under the normal heads of income and is computed under section 44 read with Rule 2 of the First Schedule. Section 44 also does not exclude section 10 exemptions unless they are expressly overridden, so exemptions for dividend income, pension fund income and interest on tax-free bonds remain available to the insurer. The Revenue's assessment was therefore not sustained and the appellate relief was upheld in full. en-us Mon, 05 May 2025 00:00:00 +0530 Tue, 06 May 2025 18:12:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770239 Income arising in a life insurer's shareholders' account remains part of the same life insurance business, because separate shareholders' and policyholders' accounts are only a regulatory requirement and do not create distinct taxable businesses. It cannot be assessed independently under the normal heads of income and is computed under section 44 read with Rule 2 of the First Schedule. Section 44 also does not exclude section 10 exemptions unless they are expressly overridden, so exemptions for dividend income, pension fund income and interest on tax-free bonds remain available to the insurer. The Revenue's assessment was therefore not sustained and the appellate relief was upheld in full. Case-Laws Income Tax Mon, 05 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770239