Tribunal held that the investments made out of shareholders\u2019 funds was an integral and inextricable part of the life insurance business and not an independent business. Hence, the Assessing Officer was to take the profits shown in the shareholders’ profit and loss account as part of the income derived from life insurance business.\u00a0 The accrual surplus or deficit had to be determined in the manner provided in old forms G, H and I. Held, admitting the additional ground, that the issue was to be remitted to the Assessing Officer with a direction to verify the claim of the assessee under section\u00a080G\u00a0of the Act. Matter remanded. Held, that the assessee was entitled to exemption under section\u00a010(34)\u00a0for the dividend income. Relating to applicability of section\u00a014A\u00a0for disallowance of expenditure in respect of income not forming part of total income, since section\u00a044\u00a0created a specific exception to the applicability of sections\u00a028\u00a0to\u00a043B, the purpose, object and purview of section\u00a014A\u00a0had no applicability to profits and gains of an insurance business. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 44 : Insurance business-Income from shareholders\u2019 accounts to be assessed as insurance business-Actuarial valuation-Norms regarding actuarial valuation not altered-Dividend exempt-Disallowance is not applicable. [S. 10(34), 14A, 37(1), 80G, Insurance Act 1938, 3(4)(f)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17920","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4F2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17920"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17920\/revisions"}],"predecessor-version":[{"id":17921,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17920\/revisions\/17921"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}