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2018 (1) TMI 231 - AT - Income TaxMAT computation - Reserve for unexpired risk created as per requirement by law not to be added in computing book profit u/s. 115JB of the Act - Held that:- We find that the issue in hand is squarely covered by the order in assessee’s own case [2016 (8) TMI 326 - ITAT KOLKATA], which has rightly pointed out by the ld.AR of the assessee, wherein the Tribunal had held that reserve created for unexpired risk need not be added back for the purpose of computation of book profit u/s. 115JB. Addition being investment written off - Held that:- CIT-A was justified in holding that a sum being investment written off is an allowable deduction. Amortization of premium paid on investment - Held that:- We find that this Tribunal in assessee’s own case supra deleted the said disallowance on the ground that the CIT-A has given relief to assessee by placing his reliance on the decisions of the Hon’ble Supreme Court in the cases of General Insurance Corporation of India Vs. CIT reported in (1999 (9) TMI 3 - SUPREME Court) and CIT Vs. Oriental Fire & General Insurance Co. Ltd reported in (2007 (5) TMI 193 - SUPREME Court), wherein it was held that the AO had no general power to make any adjustment in the accounts of a general insurance company. We further find that the revenue was not able to controvert the detailed findings of the CIT-A. - Revenue appeal dismissed.
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