Report No. 12
44. Insurance business.-
Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head "Interest on securities". "Income from house property" or "Income from other sources", or in section 207 [18(5), main para., part regarding credit for tax deducted at source] or in sections 28 to 43 [all earlier sections regarding Profits and gains of business], the profits and gains of any business of insurance, including any such business carried on by a mutual insurance association or by a co-operative society, shall be computed in accordance with the provisions of the First Schedule [Schedule, Rules 1 to 8].
[Section 10(7) and Schedule, rule 9]