The Tribunal held that The profit disclosed in the shareholder’s profit and loss account (Form A-PL) is the profit derived from life Insurance business for computing the insurance business income and also on the principle of consistency . (AY. 2010 – 2011)
Max New York Life Insurance Co. Ltd. v. Dy.CIT (2018) 191 TTJ 897/ 171 DTR 209 (Delhi)(Trib.)
S. 44: Insurance business – The profit disclosed in the shareholder’s profit and loss account (Form A-PL) is the profit derived from life Insurance business for computing the insurance business income and also on the principle of consistency . [ S.115JB ]