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TMI Blog2019 (2) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... SURANCE CO. LTD. VERSUS DEPUTY COMMISSIONER OF INCOME TAX, COMMISSIONER OF INCOME TAX (LTU) [2017 (9) TMI 172 - DELHI HIGH COURT] - Tax Case Appeal Nos.93 to 100 of 2019 And CMP.Nos.1921, 1922, 1924, 1927 to 1929, 1936 and 1941 of 2019 - - - Dated:- 28-1-2019 - Mr.Justice T.S. Sivagnanam And Mr.Justice N. Sathish Kumar For the Appellant : Mr.M.Swaminathan, SSC For the Respondent : Mr.Sandeep Bagmar COMMON JUDGMENT T.S.SIVAGNANAM, J. These appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (for short, the Act) challenge a common order passed by the Income Tax Appellate Tribunal, Chennai 'A' Bench (hereinafter called the Tribunal) dated 31.7.2018 in ITA.Nos.1620, 1676, 1350, 1621, 2276, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent indicated above. 6. So far as the second substantial question of law is concerned, in the very same decision, we decided the question against the Revenue and in favour of the assessee therein, the relevant portion of which reads as follows: We have perused the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] as well as the Tribunal. As rightly pointed out by the Tribunal, the Insurance Companies prepare profit and loss account as per the guidelines issued by the Insurance Regulatory and Development Authority of India and not as per Part II and III of Schedule VI of Companies Act. Furthermore, the applicability of Schedule VI of the Companies Act was specifically excluded in respect of Insurance Companies. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment year 2007-08 wherein also identical contention was raised by the assessee and both before the Assessing Officer as well as before the CIT(A), the assessee was not successful. But, before the Tribunal, the assessee was successful in the sense that the Tribunal considered the submissions and noted that the applicability of the provisions of Schedule VI of the Companies Act was excluded in respect of the insurance companies. 10. In the decision in the case of Oriental Insurance Co. Ltd. Vs. DCIT [reported in (2018) 407 ITR 658], an identical question was considered by the High Court of Delhi wherein it was held as follows : 54. Turning now to ITA No.447/2015, the question concerns the applicability of Section 115JB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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