2019 (9) TMI 1710

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....venue read as under : 1. Whether on the fact sand in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition made by the assessing officer on account of Surplus disclosed in Form 1 of Actuarial Report ignoring the provision of section 44 r.w.r. 2 of the First Schedule of IT Act, 1961? 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition made by the assessing officer on account of loss from Jeevan Suraksha Fund ignoring settled position of law that income includes loss and that income from Jeevan Suraksha Fund does not form part of the total income of the assessee corporation u/s. 10(23AAB) of the IT. Act, 1961? 3. Whether ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s 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 question of law arising for consideration". Reference was madeto the decision in LIC of India vs. CIT (1964) 51 ITR 773, whe....