https://www.taxtmi.com/caselaws?id=465858 Where an insurer's profits are computable under s.44 read with the First Schedule, the overriding code bars resort to s.14A, since only ss.30-43B adjustments are contemplated; consequently, no disallowance under s.14A was permissible. Provision for outstanding insurance claims, computed on actuarial valuation under IRDA-regulated accounting and mercantile principles, was not a contingent liability and could not be disturbed under Rule 5(a) of the First Schedule; accordingly, the claim deduction was allowable. For MAT, expenditure relatable to exempt income is not to be added back while computing book profit under s.115JB; thus, no s.14A adjustment was warranted in book profit. Exemption under s.10(38) on long-term gains from sale of investments by an insurer was held available; hence, the exemption claim was allowed. en-us Tue, 27 Feb 2024 00:00:00 +0530 Sat, 10 Jan 2026 13:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465858 Where an insurer's profits are computable under s.44 read with the First Schedule, the overriding code bars resort to s.14A, since only ss.30-43B adjustments are contemplated; consequently, no disallowance under s.14A was permissible. Provision for outstanding insurance claims, computed on actuarial valuation under IRDA-regulated accounting and mercantile principles, was not a contingent liability and could not be disturbed under Rule 5(a) of the First Schedule; accordingly, the claim deduction was allowable. For MAT, expenditure relatable to exempt income is not to be added back while computing book profit under s.115JB; thus, no s.14A adjustment was warranted in book profit. Exemption under s.10(38) on long-term gains from sale of investments by an insurer was held available; hence, the exemption claim was allowed. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465858