43B, the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a cooperative society, shall be computed in accordance with the rules contained in the First Schedule. 5 These words should have been omitted consequent on the deletion of this head of income. 6 Substituted for 43A by the Direct Tax Laws Amendment Act, 1987 , w. e. f. 1- 4- 1989 . Earlier, 43A was substituted for 43 by the Finance No. 2 Act, 1967 , w. e. f. 1- 4- 1967 .
taken into account in arriving at the assessable profits.