https://www.taxtmi.com/caselaws?id=49409 The Supreme Court held that the Income-tax Officer must compute profits of a life insurance company based on actuarial valuation, excluding surplus from earlier periods. Adjustments made without consulting the Controller of Insurance were found invalid under Rule 3(b) of the Indian Income-tax Act. The Court emphasized the mandatory requirement of consultation before making adjustments affecting the surplus. The High Court's decision upholding the adjustments without consultation was deemed erroneous. The Supreme Court allowed the appeals, ruling that the adjustments made by the Income-tax Officer were not justified under the rules and lacked proper consultation, thus overturning the High Court's decision. 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 The Supreme Court held that the Income-tax Officer must compute profits of a life insurance company based on actuarial valuation, excluding surplus from earlier periods. Adjustments made without consulting the Controller of Insurance were found invalid under Rule 3(b) of the Indian Income-tax Act. The Court emphasized the mandatory requirement of consultation before making adjustments affecting the surplus. The High Court's decision upholding the adjustments without consultation was deemed erroneous. The Supreme Court allowed the appeals, ruling that the adjustments made by the Income-tax Officer were not justified under the rules and lacked proper consultation, thus overturning the High Court's decision. Case-Laws Income Tax Mon, 09 Dec 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49409