2019 (5) TMI 1992

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....count to Policy Holder's account and shown as part of 'surplus' in the 'actuarial valuation' was only transfer of capital asset and not taxable u/s 44 of the Act read with rule 2 of the First Schedule, therefore we thought it fit to dispose of the same by this common order. 3. At the very outset, Ld. AR appearing on behalf of the assessee submitted before us that these grounds are covered by the order of Hon'ble ITAT in ITA No. 4373/Mum/15 for AY 2011-12 in assessee's own case, wherein the identical grounds raised in the present appeal have already been decided on merits. 4. On the other hand, Ld. DR contested the appeal and relied upon the assessment order passed by AO. 5. We have heard both the parties and we have also perused the mate....

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....e 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 judicial consistency, we apply the same findings which are applicable mutatis mutandis in the present case. Resultantly, this ground raised by the revenue stands dismissed. Ground No. (iii) & (iv) 7. These grounds raised by the revenue are inter related and inter connected and relates to challenging the order of Ld. CIT(A) in deleting the addition made by AO on account of loss from Pension Fund ignoring settled position of law that income includes loss and that income from Pension Fund does not form part of the total income of the assessee corporation u....

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....e provision for solvency margin and loss from Jeevan Suraksha Fund, inter alia, on the ground that the provision for solvency margin was not an ascertained liability and that income from Jeevan Suraksha Fund being exempt u/s 10(23AAB), the loss incurred from the said fund could not be adjusted against the taxable income. On appeal, the Commissioner (Appeals) confirmed the additions made by the AO. On second appeal, the Tribunal deleted the said addition. The revenue filed appeal against the order of the Tribunal before the High Court. The Hon'ble High Court held that (i) amount set apart by insurance company towards solvency margin as per the direction given by IRDA is to be excluded while computing actuarial valuation surplus, and (ii)....