https://www.taxtmi.com/caselaws?id=49409 Profits of a life insurance business must be computed strictly under the statutory schedule, and the assessing authority cannot depart from it by revaluing securities or reducing transfers to the investment reserve fund outside the express limits of rule 3(b). The proviso to rule 3(b) is the only source of power to correct artificial distortion in the surplus, and that power may be used only on the stated conditions, including consultation with the Controller of Insurance and regard to policy-holder bonuses and contingencies. The main rule does not confer any separate general authority to disturb the accounts. The stated principle is that a complete special code for insurance profits excludes extra-statutory adjustments. en-us Mon, 09 Dec 1963 00:00:00 +0530 Mon, 25 Aug 2014 09:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49409 Profits of a life insurance business must be computed strictly under the statutory schedule, and the assessing authority cannot depart from it by revaluing securities or reducing transfers to the investment reserve fund outside the express limits of rule 3(b). The proviso to rule 3(b) is the only source of power to correct artificial distortion in the surplus, and that power may be used only on the stated conditions, including consultation with the Controller of Insurance and regard to policy-holder bonuses and contingencies. The main rule does not confer any separate general authority to disturb the accounts. The stated principle is that a complete special code for insurance profits excludes extra-statutory adjustments. Case-Laws Income Tax Mon, 09 Dec 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49409