2016 (2) TMI 1319

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.... 2. In its appeal, the Revenue has raised the following Grounds of appeal : "1. "Whether on the facts and in circumstances of the case and in law, the Ld. CIT(A) is correct in deleting the addition made by the Assessing officer on account of loss from Jeevan Suraksha Fund ignoring the settled position of law that income includes loss and that the loss from Jeevan Suraksha fund can be set off against taxable income of the assessee corporation despite the fact that Jeevan Suraksha Fund is covered u/s 10(23AAB) of the IT Act whereby the income including the loss is not includible in the total income." 1.1. "Whether on the facts and in circumstances of the case and in law, the Ld. CIT(A) is justified in ignoring the fact that....

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....ppeal. 5. The first issue raised by the Revenue by way of Ground of appeal nos. 1 and 1.1 is in respect of disallowance of Rs. 7333,53,77,713/- of loss/deficit from Jeevan Suraksha Fund. As per the Assessing Officer the assessee, being a life insurance company, computed its income on the basis of actuarial valuation surplus. However, the assessee had set-off the deficit arrived at in the Jeevan Suraksha Fund against the actuarial valuation surplus while computing the total income. The Assessing Officer denied the claim on the ground that in terms of Sec. 10(23AAB) of the Act income from Jeevan Suraksha Fund was exempt, and therefore, such deficit was not eligible for set-off against other taxable income of the assessee. The CIT(A) has si....

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....ssessee were not accepted by the Assessing Officer and accordingly he disallowed the adjustment of negative reserves amounting to Rs. 41251,37,55,000/-. 8. Before the CIT(A), the assessee pointed out that similar issue was decided by the Mumbai Bench of the Tribunal in favour of the assessee vide order dt. 3.4.2013 in ITA Nos. 3702, 6221, 3703/Mum/2012. On the basis of the decision of the Tribunal it was sought to be canvassed that the addition was not merited. The CIT(A) has since deleted the addition by following the decision of the Tribunal dt. 3.4.2013 (supra) in the assessee‟s own case. 9. Before us, it was a common point between the parties that the decision of the Tribunal dt. 3.4.2013 (supra) pertaining to Assessment Yea....