https://www.taxtmi.com/caselaws?id=49269 Rental income received by a general insurance company from let out property was held outside the exemption in section 4(3)(xii) of the Indian Income-tax Act, 1922 because section 10(7) required insurance profits to be computed under the Schedule. For general insurance business, paragraph 6 of the Schedule adopted a special notional computation and did not assess such receipts under the ordinary head of income from property. The property-income exemption therefore could not be applied when the rent formed part of the insurance business computation under the Schedule, and the question was answered against the assessee. en-us Wed, 15 Dec 1965 00:00:00 +0530 Sun, 17 Aug 2014 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49269 Rental income received by a general insurance company from let out property was held outside the exemption in section 4(3)(xii) of the Indian Income-tax Act, 1922 because section 10(7) required insurance profits to be computed under the Schedule. For general insurance business, paragraph 6 of the Schedule adopted a special notional computation and did not assess such receipts under the ordinary head of income from property. The property-income exemption therefore could not be applied when the rent formed part of the insurance business computation under the Schedule, and the question was answered against the assessee. Case-Laws Income Tax Wed, 15 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49269