https://www.taxtmi.com/caselaws?id=798902 Survey surrender income credited to the profit and loss account and offered as business income was subject to the normal tax rate for Assessment Year 2017-18. Section 115BBE's enhanced rate took effect from 1 April 2017 and, without express retrospective operation, applied from Financial Year 2017-18, corresponding to Assessment Year 2018-19. Where two reasonable interpretations of a taxing provision were available and no jurisdictional High Court ruling governed the issue, the interpretation favourable to the taxpayer applied. The enhanced rate therefore did not govern the surrendered income for the relevant assessment year. en-us Thu, 10 Sep 2026 00:00:00 +0530 Mon, 14 Sep 2026 08:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798902 Survey surrender income credited to the profit and loss account and offered as business income was subject to the normal tax rate for Assessment Year 2017-18. Section 115BBE's enhanced rate took effect from 1 April 2017 and, without express retrospective operation, applied from Financial Year 2017-18, corresponding to Assessment Year 2018-19. Where two reasonable interpretations of a taxing provision were available and no jurisdictional High Court ruling governed the issue, the interpretation favourable to the taxpayer applied. The enhanced rate therefore did not govern the surrendered income for the relevant assessment year. Case-Laws Income Tax Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798902