Law:

Section:

Section 44, read with rule 2 of First Schedule to the Income-tax Act, 1961 [Corresponding to section 10(7), read with rule 2 of Schedule to the Indian Income-tax Act, 1922] - Insurance business - Assessment Years 1947-48 to 1950-51 - Whether rule 2 puts profits and gains of life insurance business on same footing as losses of life insurance business and mode of computation with regard to both profits and gains and losses is same - Held, yes - Whether irrespective of profits or losses, computation could be made either under rule 2(a) or 2(b) - Held, yes - Whether expression "whichever is greater" is used by Legislature in order that advantage should ensue to revenue by computing profits and gains or losses under sub-clause (a) or under sub-clause (b) - Held, yes - Whether expression 'year for which assessment is to be made' occurring in rule 2(b) means assessment year and not accounting year - Held, yes - Whether where actuarial valuation was made by assessee in intervaluation period ending with 31-12-1946, assessment year for which assessment was to be made was assessment year 1947-48 - Held, yes Words and phrases : Phrases 'profits and gains', 'year for which assessment is to be made', and 'whichever is the greater', occurring in rule 2 of Schedule to Indian Income-tax Act, 1922. Section 71, read with section 256 of the Income-tax Act, 1961 [Corresponding to section 24(2), read with section 66, of the Indian Income-tax Act, 1922] - Losses - Set off of from one head against income from another - Assessment years 1947-48 to 1950-51 - Whether section 24(2) of 1922 Act would only apply if business done by assessee-company of lifeinsurance was same as business done by it in respect of general insurance - Held, yes - Whether question as to whether there was any evidence to justify finding of Tribunal that life insurance business of assessee-company and other insurance business carried on by it was not same business, was a question of law required to be referred to High Court - Held, yes FACTS The assessee was an insurance company which carried on life insurance business and general insurance business. The first actuarial valuation was made by the assessee in respect…

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