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2019 (8) TMI 560

..... thorities to the effect that all the grounds raised by the Revenue in the appeals are covered by the decisions of the Tribunal and Hon’ble Jurisdictional High Court in assessee’s own case as well as in case of another Insurance Company viz., ICICI Prudential Insurance Co. Ltd. v/s ACIT, [2012 (11) TMI 13 - ITAT MUMBAI] In fact, in course of hearing of the present applications also, learned Counsels appearing for the parties have agreed that all the grounds raised by the Revenue, including grounds no.2, 3 and 6, are covered by the decision of the Tribunal in assessee’s own case. Thus, in view of the aforesaid, there is an inadvertent mistake by the Tribunal in not disposing of grounds no.2, 3 and 6, which comes within the a .....

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..... assessee s own case as well as in case of another Insurance Company. 4. We have considered rival submissions and perused the material on record. On carefully going through the appeal order passed by the Tribunal, it is noticed that grounds no.2, 3 and 6, which are common in both the appeals have not been dealt with by the Tribunal while disposing off the appeals. However, it is relevant to observe, in the appeal order itself, the Tribunal has recorded the submissions of the Departmental Authorities to the effect that all the grounds raised by the Revenue in the appeals are covered by the decisions of the Tribunal and Hon ble Jurisdictional High Court in assessee s own case as well as in case of another Insurance Company viz., ICICI Prudent .....

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..... s with section 44 of the Act r/w rule contained under the First Schedule. The aforesaid decision of the learned Commissioner (Appeals) was upheld by the Tribunal following its decision in assessee s own case for the assessment year 2008-09 and also the decision of the bench in ICICI Prudential Insurance Co. Ltd. (supra) has held as under:- 2.5.1 So, we would like to decide the issue of computing surplus / deficit disclosed by the actuarial valuation as per rule 2 of the First Schedule. As per the assessee, surplus / deficit had to be calculated in Form nI of the fourth schedule to the Insurance Act, 1938, prior to its amendment by the Insurance (Amendment) Act, 2002. We find that similar issue had arisen in the case IPLIC (supra). Deciding .....

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..... 0 to 43B in computing the profits and gains of a business shall be added back: (b) (i) any gain or loss on realization of investments shall be added or deducted, as the case may be, if such gain or loss is not credited or debited to the Profit & Loss A/c; (c) such amount carried over to a reserve for unexpired risks as may be prescribed in this behalf shall be allowed as a deduction '. (emphasis supplied) This indicates that the legislature consciously omitted incorporating the provisions of IRDA or the Regulations made there under in Rule 2 which still refers to the Insurance Act 1938 only. 28. Further, we also notice that the Insurance Act itself was amended along with the introduction of IRDA Act 1999. Along with the said IRDA Ac .....

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..... ;s contention that the IRDA Regulations even though are applicable to assessee since it has commenced business after the commencement of the IRDA Act, 1999, for the purpose of Rule-2, the actuarial valuation has to be done in accordance with the Regulations contained in erstwhile Fourth schedule Part-I and Part-II. This is what assessee is contending and merging the accounts of Policy-holders' and Share-holders' account and arriving at the actuarial deficit, without taking into consideration the transfer of funds from the Share-holders' account to Policy-holders' account." Respectfully, following the same we hold that the actuarial valuation has to be done in accordance with the Regulations contained in erstwhile Fourth .....

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