2017 (9) TMI 1626

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....i G.R. Reddy, CIT-I(DR)(ITAT), Bengaluru Respondent by : Shri Chavali Narayan, CA O R D E R Per Manjunatha G., Accountant Member This appeal filed by the revenue is directed against the order of the CIT(Appeals)-5, Bengaluru dated 24.10.2016 and it pertains to assessment year 2012-13. 2. The brief facts of the case are that the assessee, M/s. PNB Metlife India Insurance Co. Ltd. eng....

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....section 44 of the Act, for the purpose of computing income from life insurance business, the assessee can aggregate its surplus/deficit from policy holders account to surplus/deficit of the shareholders account. The assessee further contended that similar issue has been considered by the jurisdictional Tribunal in assessee's own case for the AY 2011-12 in ITA No.1508/B/15 dated 22.09.2016 wherein ....

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....ccount. We find that the coordinate Bench of this Tribunal has considered a similar issue in assessee's own case for the AY 2011-12 in ITA No.1508/B/2015 wherein it was observed that surplus/deficit from shareholders account should be aggregated with surplus/deficit of the policy holders account for determining the profit/loss of the assessee u/s. 44 of the Act. The relevant portion of the order o....

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....gated with surplus/deficit in the policy holders account for determining the profit/loss of the assessee u/s 44, and such aggregation would results in a loss of Rs. 34,45,94,000/- as per the impugned order, the view of setting off of losses against income u/s. 70,72 would be academic and hence not decided." 5. In this view of the matter and also respectfully following the decision of the coordi....