TMI Blog2019 (5) TMI 1992X X X X Extracts X X X X X X X X Extracts X X X X ..... tion given by IRDA is to be excluded while computing actuarial valuation surplus, and (ii) pension fund like Jeevan Suraksha Fund would continue to be governed by provisions of section 44 irrespective of the fact that income from such fund is exempted, or not and, therefore, even after insertion of section 10(23AAB), loss incurred from pension fund like Jeevan Suraksha Fund has to be excluded while determining actuarial valuation surplus from insurance business u/s 44 of the Act. Thus we apply the same findings which are applicable mutatis mutandis in the present case. Resultantly, this ground raised by the revenue stands dismissed. - HON BLE SH. SANDEEP GOSAIN, JM AND HON BLE SH. N. K. PRADHAN, AM For the Appellant : Shri Rajee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in ITA No. 4373/Mum/15 is contained in para no. 6, which is reproduced below:- 6. We have heard the rival submissions and perused the relevant material on record. We begin with 1st, 2nd 3rd ground of appeal as they address a common issue. We find that the Hon'ble Bombay High Court in the case of ICICI Prudential Insurance Co. Ltd. (supra) has held that where assessee was carrying on life insurance business and Tribunal following a decision of Supreme Court, while determining assessee s income under section 44, had taken into consideration total surplus as arrived at by actuarial valuation and further held that income from shareholders account was also to be taxed as a part of life insurance business, there was no substantial qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Y 2011-12 in assessee s own case, wherein the identical grounds raised in the present appeal have already been decided on merits. 9. On the other hand, Ld. DR contested the appeal and relied upon the assessment order passed by AO. 10. We have heard both the parties and we have also perused the material placed on record as well as the orders passed by revenue authorities. We find that the identical ground has already been decided by the Coordinate Bench of Hon ble ITAT in ITA No. 4373/Mum/15 for AY 2011-12 in assessee s own case. The operative portion of the order of Hon ble ITAT passed in ITA No. 4373/Mum/15 is contained in para no. 6.1, which is reproduced below:- 6.1 Now we turn to 4th, 5th, 6th and 7th ground of appeal as they a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Suraksha Fund has to be excluded while determining actuarial valuation surplus from insurance business u/s 44 of the Act. We find that the issues in the above grounds of appeal are squarely covered by the above judgement of the Hon'ble Bombay High Court. We follow the judgement and dismiss 4th, 5th, 6th and 7th ground of appeal filed by the revenue. 11. After having heard the counsels at length and after having gone through order of ITAT as mentioned above in assessee s own case, we find that the identical issue has already been decided by the Hon ble ITAT in ITA No. 4373/Mum/15 for AY 2011-12 in assessee s own case. Therefore, respectfully following the decision of the Coordinate Bench of Hon ble ITAT and in order to maintain jud ..... X X X X Extracts X X X X X X X X Extracts X X X X
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