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TMI Blog2019 (2) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... ench (hereinafter called the Tribunal) dated 31.7.2018 in ITA.Nos.1620, 1676, 1350, 1621, 2276, 2372 and 1759/Chny/2011 as well as 1366/Chny/2013. 2. The issues relate to the assessment years from 2006-07 to 2009- 10. In all these appeals, the following common substantial questions of law are raised for consideration : "i. Whether the Tribunal was justified and correct in holding that UPS is the part of computer and entitled for depreciation at 60% ? and ii. Whether the Tribunal was justified and correct in holding that the provisions of 115JB of the Act, which enables the companies to compute book profit may not be applicable to insurance companies ?" 3. We have heard Mr.M.Swaminathan, learned Senior Standing Counsel, assisted by Ms. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specifically excluded in respect of Insurance Companies. The revenue has not been able to dislodge before us by way of an appeal. We find that the conclusion arrived at by the Tribunal in this regard is proper and valid. Accordingly, the appeals filed by the revenue on this ground are dismissed and consequently, the above substantial question of law is answered in favour of the assessee." 7. Mr.M.Swaminathan, learned Senior Standing Counsel for the appellant has drawn our attention to the assessment order for the year 2007- 08 dated 16.12.2010 and by referring to the factual statement made therein, it is submitted that the assessee themselves declared their income under Section 115JB of the Act and that therefore, it will not lie in the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concerns the applicability of Section 115JB of the Act to insurance companies. The ITAT has permitted the assessee to raise this question since, in a large number of judgments of the ITAT, the question has been answered in favour of the assessee. 55. It is plain, from a reading of Section 44 read with the First Schedule of the Act that insurance companies are required to prepare accounts as per the IA and the regulations of the IRDA and not as per Parts II and III of Schedule VI of the Companies Act. The assessee prepares its accounts as per the IRDA principles. The IRDA Regulations govern the preparation of the auditor's report. 56. Consequently, the question framed in ITA No.447/2015 is answered in the affirmative, i.e. in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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