Held that income from insurance business has to be considered by the actuarial valuation as per the valuation report allowable under section 44 read with First Schedule to the Act. Merely for the reason that the income from pension fund is exempted under section 10(23AAB) with effect from April 1, 1997, it cannot be held that the loss incurred under the fund cannot be carried forward or given a set-off. The object of inserting section 10(23AAB) being made clear by Circular No. 762 dated February 18, 1998 ([1998] 230 ITR (St.) 12), it cannot be equated with the provisions of section 10A of the Act. The circular provides that the Life Insurance Corporation of India has started a new personal-cum-family pension scheme. The Scheme offers attractive terms to its contributors and has a provision for payment of a life-time widow’s pension in the event of the death of the contributor during the contribution period. (AY. 2012-13, 2014-15)