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2017 (1) TMI 1760 - AT - Income TaxDisallowance of claim of loss from pension fund business - HELD THAT:- As the amended provisions of section 10(34) of the Act, whereby the words “other insurer engaged in pension fund” are included, we find that the finding of the CIT (A) on the first issue is fair and reasonable. As such, the judgment of the Hon‟ble High Court of Bombay in the case of LIC of India Ltd [2011 (8) TMI 47 - BOMBAY HIGH COURT] is directly on the issue. Accordingly, the claim of the loss of Pension Fund is an allowable claim Treatment to dividend income exempt u/s 10(34) of the Act qua the exclusion for computation of income of insurance business - HELD THAT:- 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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