M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

47. We have considered the rival submissions on either side and perused the relevant material available on record. In respect of insurance companies, the profit has to be computed as per the provisions contained in the First Schedule of the Income-tax Act, 1961. Section 44 of the Act reads as follows:- Insurance business “44. Notwithstanding anything to the contrary

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed