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2015 (9) TMI 1718 - HC - Income TaxDividend income as exempt u/s.10 (34) - dividend income is considered as part of Income of the life Insurance Business and is included as an income by actuary - HELD THAT:- We find that the impugned order of the ITAT has allowed the respondent-assessee's appeal by following the decision of this Court in General Insurance Corporation of India vs. Deputy Commissioner of Income Tax & anr [2011 (12) TMI 70 - BOMBAY HIGH COURT] and its own decision in the case of ICICI Prudential Insurance [2012 (11) TMI 13 - ITAT MUMBAI] Revenue very fairly states that the revenue's appeal on this issue from the order of ITAT in ICICI Prudential Insurance Co.Ltd (supra) to this Court [2015 (7) TMI 972 - BOMBAY HIGH COURT] in view of the above, question (A) does not raise any substantial question of law and accordingly dismissed. Whether negative reserve has an impact of reducing the taxable surplus as per Form-I and therefore, corresponding adjustment for negative reserve need to be made to arrive at taxable surplus? - HELD THAT:- The issue stands covered in favour of the respondent-assessee by the decision of the Apex Court in LIC of India [1963 (12) TMI 5 - SUPREME COURT] wherein it has inter alia been held that the Assessing Officer had no power to modify its accounts after Actuarial valuation is done. Accordingly, question (B) also does not give rise to any substantial question of law. Hence, dismissed.
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