Court Rules Section 44 of Income Tax Act Solely Governs Taxable Income for Life Insurance Businesses.

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....Computation of income - business of carrying out life insurance viz-a-viz investment amortization - Ms Jha’s submission that in the computation of profits and gains of the appellant/assessee insofar as its insurance business is concerned, only the provisions of Section 44 of the Act would apply, has weight and hence will have to be accepted. - HC....