Held that from a reading of section 44 and the First Schedule to the Act, it is plain that insurance companies are required to prepare accounts in accordance with the Insurance Act and the regulations of the Insurance Regulatory and Development Authority and not in accordance with the Companies Act. Accordingly, section 115JB would not apply to insurance companies including the assessee.(AY. 2011-12)
Oriental Insurance Co. Ltd. v. Dy. CIT (LTU) (2023)102 ITR 122 (Delhi)(Trib)
S. 115JB : Company-Book profit –Insurance business-Assessee Not preparing financial statements as required under Companies Act-Minimum alternate tax not applicable. [S.44, Sch. I]