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2019 (5) TMI 1992 - AT - Income TaxTaxation of life insurance business - transfer from share holders account to Policy Holder’s account and shown as part of ‘surplus’ in the ‘actuarial valuation’ - only transfer of capital asset and not taxable u/s 44 of the Act r.w.r. 2 of the First Schedule - HELD THAT:- We find that the identical ground has already been decided by the Coordinate Bench of Hon’ble [2017 (3) TMI 1696 - ITAT MUMBAI] in assessee’s own case as held held that (i) amount set apart by 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. Thus we apply the same findings which are applicable mutatis mutandis in the present case. Resultantly, this ground raised by the revenue stands dismissed.
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