9911796707
TMI Blog2019 (9) TMI 1710X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue read as under : 1. Whether on the fact sand in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition made by the assessing officer on account of Surplus disclosed in Form 1 of Actuarial Report ignoring the provision of section 44 r.w.r. 2 of the First Schedule of IT Act, 1961? 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition made by the assessing officer on account of loss from Jeevan Suraksha Fund ignoring settled position of law that income includes loss and that income from Jeevan Suraksha Fund does not form part of the total income of the assessee corporation u/s. 10(23AAB) of the IT. Act, 1961? 3. Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns and perused the relevant material on record. We begin with 1st, 2nd & 3rd ground of appeal as they address a common issue. We find that the Hon'ble Bombay High Court in the case of ICICI Prudential Insurance Co. Ltd. (supra) has held that "where assessee was carrying on life insurance business and Tribunal following a decision of Supreme Court, while determining assessee's income under section 44, had taken into consideration total surplus as arrived at by actuarial valuation and further held that income from shareholders account was also to be taxed as a part of life insurance business, there was no substantial question of law arising for consideration". Reference was madeto the decision in LIC of India vs. CIT (1964) 51 ITR 773, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insurance company towards solvency margin as per the direction given by IRDA is to be excluded while computing actuarial valuation surplus, and (ii) pension fund like Jeevan Suraksha Fund would continue to be governed by provisions of section 44 irrespective of the fact that income from such fund is exempted, or not and, therefore, even after insertion of section 10(23AAB), loss incurred from pension fund like Jeevan Suraksha Fund has to be excluded while determining actuarial valuation surplus from insurance business u/s 44 of the Act. We find that the issues in the above grounds of appeal are squarely covered by the above judgement of the Hon'ble Bombay High Court. We follow the judgement and dismiss 4th, 5th, 6th and 7th ground of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
