TaxTMI 
TaxTMI 
COMPUTATION OF PROFITS OF THE INSURANCE BUSINESS
X X X X Extracts X X X X
X X X X Extracts X X X X
.... referred to in paragraph 1 shall be— (a) increased by the aggregate of the amounts referred to in sub-section (2) of section 33 to the extent such amounts are not included in the profits referred to in that paragraph and the amounts referred to in sub-section (4) of section 35 and sub-section (2) of section 36 to the extent such amounts have been claimed as deductions while computing the said....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tion 35 and subsection (2) of section 36 to the extent such amounts have been claimed as a deduction in computing the profits referred to in that paragraph; (b) decreased by— (i) the amount allowable as deductions under clause (xxx) of subsection (2) of section 35 to the extent such amount has been included under sub-clause (i) of clause (a); (ii) the amount of finance charges allowable as....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ggregated with unabsorbed preceding year loss from the business of insurance, if any, and the net result of such aggregation shall be the current profit from the business of insurance for the financial year. 8. The current profit from the business of insurance shall be treated as nil, if the net result of aggregation in paragraph 7 is negative and the absolute value of the net result of the aggre....
X X X X Extracts X X X X
X X X X Extracts X X X X
....39 and terminal allowance under section 40. 11. The amount of common costs (including depreciation) attributable to the business of insurance shall be determined in such manner as may be prescribed. 12. The successor in a business reorganisation of the business of insurance shall be allowed a deduction in respect of the unabsorbed current loss of the business of insurance determined in the case ....