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2018 (4) TMI 1522 - AT - Income TaxTreatment of loss - fund under the pension scheme - Computation of income of the assessee u/s 10(23AAB) - CIT-A allowing inclusion of loss arising from fund under the pension scheme in the "assessed loss" from remaining sources - Held that:- CIT(A) correctly directed AO to follow the direction given by the ITAT in assessee’s own case. We found that the Tribunal by following the order of the Bombay High Court in case of Life Insurance Corporation of India Ltd., [2011 (8) TMI 47 - BOMBAY HIGH COURT] wherein held even if the Income from pension business of an insurance company is exempt u/s. 10(23AAB) of the Act, if there is a loss from pension business, the same has to be allowed to be carried forward and set off. The Court held that the object of inserting section 10(23AAB) of the Act was to promote insurance companies to offer attractive terms of the contributors - Thus direction to the AO to consider the plea raised by assessee afresh is correct. - Decided against revenue
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