TaxTMI 
TaxTMI 
2019 (8) TMI 560
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...../2015. 2. As stated in these applications and submitted by the learned Departmental Representative, while disposing of Revenue's appeals, the Tribunal has not adjudicated grounds no.2, 3 and 6, which are common in both the appeals. 3. The learned Authorised Representative also agreed with the aforesaid submissions of the learned Departmental Representative. However, learned Counsel appearing for both the parties have also agreed before us that the issues raised in these grounds are covered by the decision of the Tribunal in 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 Trib....
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.... the following paragraphs should be added 7(a) and 7(b):- "7(a) In grounds no.2 and 3, the Revenue has challenged certain observations of the learned Commissioner (Appeals) with reference to applicability of the unamended Insurance Act, 1983 r/w section 44 of the Act and Rule-2 of the First Schedule. As discussed in Para-6 and 7, of the appeal order, learned Commissioner (Appeals) while deciding the issue relating to adjustment of earlier years surplus as per actuarial valuation had observed that assessee's income has to be computed in terms 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 a....
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....Profit & Loss A/c prepared in accordance with the provisions of the Insurance Act, 1938 (.j of 1938) or the rules made thereunder or the provisions of the Insurance Regulatory and Development Authority Act, 1999 (i of 1999) or the Regulations made thereunder subject to the following adjustments:- (a) subject to the other provisions of this rule, any expenditure or allowance including any amount debited to the profit and loss account either by way of a provision for any tax, dividend, reserve or any other provision as may be prescribed which is not admissible under the provisions of section 30 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 ....
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....made applicable under the Income Tax Act. 30. The First to Fourth Schedule of the Insurance Act 1938 was omitted by the Insurance Amendment Act 2002 after incorporation of the relevant schedules in the IRDA Act. Even though the said schedules were omitted from the Insurance Act, 1938, we are of the opinion that as far as Rule-2 is concerned by the principle of 'Legislation by incorporation' unamended Insurance Act, 1938 is applicable and the actuarial valuation has to be made in accordance with the then existing Part-I of the Fourth Schedule and in conformity with the requirements of Part-II of that schedule. Therefore, assessee's contention that the IRDA Regulations even though are applicable to assessee since it has c....