Insurance company computing income u/s 44 is not required to include profits from sale of investments...

Insurance company computing income u/s 44 is not required to include profits from sale of investments for periods prior to 01.04.2011 as per Rule 5, aligning with decisions in United Insurance Company and Oriental Insurance Co. Ltd. Apollo Tyres Ltd. judgment on MAT computation is irrelevant as present case involves regular computation u/s 44 specific to insurance business. Profits from sale of investments must be included post 01.04.2011 due to amended Rule 5(b). High Court ruled in favor of assessee. .....

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