AO made addition while computing book profit u/s 115JB.On appeal, CIT(A) upheld decision. Tribunal held that applicability of provisions of Schedule VI of Companies Act was excluded in respect of insurance companies .Accordingly provisions of S.115JB, which enables companies to compute book profit, was not applicable to insurance companies. (AY. 2003 -04 to 2007 -08)
Cholamandalam Ms General Insurance Company Ltd. v. ACIT, (2018) 170 DTR 22 / 195 TTJ 166 (Chennai)(Trib.)
S. 115JB : Book profit-Insurance Companies-Provision is not applicable.