Dismissing the appeal of the revenue the Court held that the provisions of S.  115JB of the  Act were not applicable to insurance companies. Insurance companies prepared the profit and loss account according to the guidelines issued by the Insurance Regulatory and Development Authority of India and not according to Parts II and III of the Companies Act, 1956 and the applicability of Schedule VI thereto was specifically excluded in respect of the insurance companies. That according to the finding of the Tribunal the contribution of 0.1 per cent. of the gross premium from motor vehicle insurance was done according to the directions given by the Government and the amount had been paid by the assessee as decided by the General Insurance Council. Therefore, the Tribunal was right in rejecting the contention of the Department that the solatium fund had been estimated in a routine manner and was an unascertained liability liable to be disallowed while computing book profits under section 115JB and in holding that the provision made towards contribution to solatium fund was not liable to taxation. Followed CIT v. Bajaj  Allianz General Insurance co. Ltd. [2016] 76 taxmann.com 308 (Bom)  (HC)