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PETITIONER: GENERAL FAMILY PENSION FUND
Vs.
RESPONDENT: THE COMMISSIONER OF INCOME-TAX,WEST BENGAL.
DATE OF JUDGMENT: 01/11/1954
BENCH: AIYYAR, T.L. VENKATARAMA BENCH: AIYYAR, T.L. VENKATARAMA MAHAJAN, MEHAR CHAND (CJ) DAS, SUDHI RANJAN HASAN, GHULAM BHAGWATI, NATWARLAL H.
CITATION: 1955 AIR 50 1955 SCR (1) 822
ACT: Indian Income-tax Act (XI of 1922), s. 10(7) and schedule Rule 2(a)(b) as published in 1939-Income-tax on insurance companyHow ascertained-Statement of Departmental Representative, Effect of-Insurance Act (IV of 1938) s. 2(11.) -Life Insurance business. In accordance with the provisions of s. 10(7) of the Indian Income-tax Act, 1922, the profits and gains of Life Insurance business for the periods 1943-1944 to 1946-1947 are to be computed under Rule 2(a) and Rule 2(b) of the rules published in 1939 and contained in the schedule to the Act. - This computation should be made separately and independently once under Rule 2(a) and again under Rule 2(b). On such computation income-tax is to be levied on the greater of the two amounts so computed. It is erroneous to adopt the computation made under Rule 2(b) as the basis for computation under Rule 2(a). Mere statement of the Departmental Representative of the Income-tax Department to the Tribunal referred to in the order of the Tribunal cannot have the effect of a finding ...