https://www.taxtmi.com/caselaws?id=49688 An assessee-company's annuity policies on human life were treated as life insurance business, so profits had to be computed under the statutory schedule for insurance profits. The taxing authority was required to make separate determinations under the relevant clauses and then adopt the higher figure; it could not bypass that method without a factual finding that the assessee had withheld material needed for computation. As the record contained no such finding, the Tribunal was justified in remanding the matter for fresh disposal according to law, and the referred question was answered in the negative. en-us Mon, 01 Nov 1954 00:00:00 +0530 Tue, 09 Sep 2014 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49688 An assessee-company's annuity policies on human life were treated as life insurance business, so profits had to be computed under the statutory schedule for insurance profits. The taxing authority was required to make separate determinations under the relevant clauses and then adopt the higher figure; it could not bypass that method without a factual finding that the assessee had withheld material needed for computation. As the record contained no such finding, the Tribunal was justified in remanding the matter for fresh disposal according to law, and the referred question was answered in the negative. Case-Laws Income Tax Mon, 01 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49688