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TMI Blog2015 (2) TMI 1322X X X X Extracts X X X X X X X X Extracts X X X X ..... e subjected to the tax. Following the said decision of the Tribunal, we uphold the order of Ld CIT(A) on this issue. Disallowance of leave encashment claim - This issue was also decided by the Co-ordinate bench in [ 2011 (7) TMI 391 - ITAT MUMBAI] of the order. Following the same, we uphold the order of Ld CIT(A) on this issue. Relief granted in respect of claim relating to the contribution made to Pension and Gratuity fund - Both the parties agreed that this issue is decided against the assessee by the Tribunal [ 2011 (7) TMI 391 - ITAT MUMBAI] . By following the same, we set aside the order of Ld CIT(A) on this issue and direct the AO to follow the decision rendered by the Co-ordinate bench in its order referred supra. - I.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, on the ground that he had disallowed the identical claim made in the assessment year 2007-08 also, on the reasoning that the assessees engaged in insurance business are not entitled to any exemption u/s 10 of the Act. 3.1 We heard the parties on this issue. We notice that this issue is decided in favour of the assessee by the jurisdictional Hon ble Bombay High Court in the case of General Insurance Corporation of India Vs. DCIT (2012)(342 ITR 27). Respectfully following the binding decision of the jurisdictional High Court, we set aside the order of Ld CIT(A) on this issue. 4. The next issue relates to the decision of Ld CIT(A) in confirming the disallowance of ₹ 33.28 crores relating to the claim fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejected the claim of the assessee on the reasoning that the assessed income cannot be below the returned income. 5.1 Before us, the Ld A.R placed reliance on the following case laws to contend that the provisions of sec. 115JB are not applicable to the assessee. (a) Krung Thai Bank PCL ITA No.3390/Mum/09 dated 30-09-2010 (b) Maharashtra State Electricity Board dated 6.8.2001 (c) Reliance Energy Ltd ITA No.218/Mum/05; 3505,3507,3370,3371/06. We notice that the Ld CIT(A) has rejected the claim of the assessee only on the reasoning that the assessed income cannot be less than the returned income, since the assessee itself had computed income u/s 115JB of the Act. However, the income tax could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relates to the disallowance of leave encashment claim of ₹ 27.90 crores. This issue was also decided by the Co-ordinate bench in ITA No.3846/Mum/2008 (supra) in paragraph 17.1 of the order. Following the same, we uphold the order of Ld CIT(A) on this issue. 8. The next issue relates to the relief granted in respect of claim relating to the contribution made to Pension and Gratuity fund amounting to ₹ 47.57 crores. Both the parties agreed that this issue is decided against the assessee by the Tribunal in ITA No.3846/Mum/2008 (supra) in paragraphs 16 to 16.2 of the order. By following the same, we set aside the order of Ld CIT(A) on this issue and direct the AO to follow the decision rendered by the Co-ordinate bench in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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