TMI Blog2018 (4) TMI 1522X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - ITA No.6504/Mum/2016, ITA No.6505/Mum/2016, ITA No. 6506/Mum/2016 - - - Dated:- 25-4-2018 - Shri R. C. Sharma, AM And Shri Ravish Sood, JM Revenue by : Shri Suman Kumar Assessee by : Ms. Pooja Jain /Shri Hardik Nirmal ORDER Per Bench These are the appeals filed by the Revenue against the order of CIT(A) 12, Mumbai dated 24/08/2016 for A.Y.2005-06, 2006-07 and 2007-08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of the decision of the Hon'ble Bombay High Court cited supra, we admit the additional ground and direct the A.O. to consider the plea afresh in the light of the decision of the Hon'ble Bombay High Court in the case of Life Insurance Corporation of lndia 6.2 It is also seen that the Hon'ble Bombay High Court in the case of CIT vs Life Insurance Corporation of India Ltd.. (338 ITR 212) has held as under : So far as loss incurred by the assessee from Jeevan Suraksha Fund was concerned, the Jeevan Surakslia Fund is a pension fund approved by the Controller of Insurance appointed by the Central Government to perform the duties of the Controller of Insurance under the Insurance Act. The loss incurred in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etermining the actuarial valuation surplus from the insurance business under section 44 could not be faulted , Thus, the Hon'ble Bombay High Court concluded .that 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, where the objective was to promote insurance business, the loss from pension fund was also allowed to be carried forward. The Court in this case was aware of the fact that the entire income was exempt u/s. 10( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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