TMI Blog2017 (1) TMI 1760X X X X Extracts X X X X X X X X Extracts X X X X ..... h, the judgment of the Hon‟ble High Court of Bombay in the case of LIC of India Ltd [ 2011 (8) TMI 47 - BOMBAY HIGH COURT ] is directly on the issue. Accordingly, the claim of the loss of Pension Fund is an allowable claim Treatment to dividend income exempt u/s 10(34) of the Act qua the exclusion for computation of income of insurance business - HELD THAT:- Qua the provisions of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RA RAO, J. This appeal filed by the Revenue on 5.12.2014 is against the order of the CIT (A) 21, Mumbai dated 1.9.2014 for the assessment year 2010-2011. In this appeal, Revenue raised the following grounds which read as under:- 1. On the facts and in the circumstances of the case and in law, the CIT (A) erred in disallowance of loss from pension fund ₹ 18,28,59,480/-. 2. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the said decision of the CIT (A), Revenue is in appeal before the Tribunal by raising the above mentioned grounds. 4. Before us, Ld AR for the assessee submitted that there are two issues ie (i) disallowance of claim of loss from pension fund business and (ii) treatment to dividend income exempt u/s 10(34) of the Act qua the exclusion for computation of income of insurance business and they s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rove the conclusions drawn by the CIT (A) vide para 4.3 of his order on this issue. Thus, Ground no.1 raised by the Revenue is dismissed. 7. Regarding the 2nd issue, which relates to the disallowance of dividend income u/s 10(34) qua the provisions of section 44 of the Act, we find that the finding of the CIT (A) in para 5.3 of his order is fair and reasonable as the same is taken based on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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