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2019 (8) TMI 1754 - ITAT MUMBAIAddition made on account of exemption of income from pension fund u/s 10(23AAB) - HELD THAT:-we find that the CIT(A) has decided the matter of controversy on the basis of the decision of Hon’ble ITAT in the assessee’s own case for the A.Y.2010-11 in [2017 (1) TMI 1760 - ITAT MUMBAI]as passed on the basis of decision of the Hon’ble Bombay High Court in case of LIC of India Ltd. [2011 (8) TMI 47 - BOMBAY HIGH COURT]. Accordingly, the claim of the loss of the Pension Fund was held to be allowable claim. The section 44 of the Act has clearly been distinguished on account of loss in the pension scheme. The facts are not distinguishable at the stage. No law contrary to the law relied by the assessee has been produced before us. Since the case of the assessee has duly been covered by the decision of the Hon’ble ITAT in the assessee’s own case (supra), therefore, we are of the view that the finding of the CIT(A) is quite justifiable which is not liable to be disturbed at this stage. Accordingly, this issue is decided in favour of the assessee against the revenue. Addition made on account of deduction claimed on Dividend Income u/s 10(34) - whether dividend income was assessable under the head income from business and profession and cannot be computed separately to claim exemption u/s 10(34) as this will amount to violation of provision of section 44 of the Income Tax Act - HELD THAT:- As in the assessee’s own case for the A.Y.2010-11 in [2017 (1) TMI 1760 - ITAT MUMBAI]qua the provisions of section 44 of the Act, we find that the finding of the CIT (A) in para 5.3 of his order is fair and reasonable as the same is taken based on the various binding judicial precedents in the cases of LIC vs. Addl. CIT. [1977 (11) TMI 25 - BOMBAY HIGH COURT], ICICI Prudential Insurance vs. ACIT; [2012 (11) TMI 13 - ITAT MUMBAI], and SBI Life Insurance Company Ltd vs. CIT etc [2014 (5) TMI 1067 - ITAT MUMBAI] Accordingly, we affirm the order of the CIT (A) on this issue too. Thus, both the issues raised by the Revenue are allowed in favour of the assessee.
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