Dismissing the appeal of the revenue the Court held that provisions of S. 115JB of the Act which enables the companies to compute the book profit may not be applicable to insurance companies .( AY.2006-07 to 2009-10)
CIT (LTU) v. Cholamandalam Ms General Insurance Co. Ltd. (2020) 424 ITR 272 (Mad)(HC)
S.115JB : Book profit – Insurance business — Accounts prepared in accordance with Insurance Act, 1938- Provision relating to books of account is not applicable [ Insurance Act , 1938 ]