COMPUTATION OF PROFITS OF THE INSURANCE BUSINESS

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....on (2) of section 36 to the extent such amounts have been claimed as deductions while computing the said profits; and      (b) decreased by the amount allowable as deduction under clause (xxx) of subsection (2) of section 35 and finance charges allowable as deduction under subsection (1) of section 36 to the extent such amount has been included under clause (a). 3. The profits of the business of insurance other than life insurance shall be the profits disclosed in the annual accounts, copies of which are required to be furnished under the Insurance Act, 1938, to the Controller of Insurance. 4. The profits referred to in paragraph 3 shall be—     (a) increased by the aggregate of,—  ....

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....ggregated shall be the profit from the business of insurance. 7. The profit from the business of insurance shall be aggregated 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 aggregation shall be the amount of unabsorbed current loss of the business of insurance for the financial year. 9. The profits computed under paragraphs 1 to 5 shall be presumed to have been computed—   &n....