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TMI Blog2017 (9) TMI 1626X X X X Extracts X X X X X X X X Extracts X X X X ..... galuru Respondent by : Shri Chavali Narayan, CA O R D E R Per Manjunatha G., Accountant Member This appeal filed by the revenue is directed against the order of the CIT(Appeals)-5, Bengaluru dated 24.10.2016 and it pertains to assessment year 2012-13. 2. The brief facts of the case are that the assessee, M/s. PNB Metlife India Insurance Co. Ltd. engaged in the business of life insurance h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computing income from life insurance business, the assessee can aggregate its surplus/deficit from policy holders account to surplus/deficit of the shareholders account. The assessee further contended that similar issue has been considered by the jurisdictional Tribunal in assessee's own case for the AY 2011-12 in ITA No.1508/B/15 dated 22.09.2016 wherein the Tribunal has allowed the benefit of ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal has considered a similar issue in assessee's own case for the AY 2011-12 in ITA No.1508/B/2015 wherein it was observed that surplus/deficit from shareholders account should be aggregated with surplus/deficit of the policy holders account for determining the profit/loss of the assessee u/s. 44 of the Act. The relevant portion of the order of the Tribunal is reproduced hereunder:- " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count for determining the profit/loss of the assessee u/s 44, and such aggregation would results in a loss of Rs. 34,45,94,000/- as per the impugned order, the view of setting off of losses against income u/s. 70,72 would be academic and hence not decided." 5. In this view of the matter and also respectfully following the decision of the coordinate Bench of this Tribunal in assessee's own case fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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