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PCIT v. Life Insurance Corporation of India. (Bom)(HC)(UR) Editorial : SLP granted to the revenue (CA No.7335 of 2019 dt.06/09/2019)(2019) 418 ITR 14 (St.)(SC)

S. 44: Insurance business – Loss from Jeevan Suraksha fund cannot be added while computing the income from insurance business. [(S. 10(23AAB) ]

The loss incurred   from   the   pension   fund   like   Jeevan   Suraksha   Fund   had   to   be excluded   while   determining   the   actuarial   valuation   surplus   from the insurance business u/s. 44 of the Act, cannot be faulted. (Arising out of ITA No.4874/MUM/2014 dt.24/02/2016)(ITA No.131 of 2017 dt.12/03/2019)(AY.2010 – 2011)