In the assessee’s own case relating to the AY. 2010-11, considering the challenge made to the order of the Commissioner (Appeals) that policyholders account and shareholders’ account had to be considered separately and the benefit of section 115B of the Income-tax Act, 1961 could be given only to the profits from life insurance business, the Tribunal had held that there was no dispute that the assessee was doing only life insurance business as regulated by the Insurance Regulatory and Development Authority. For the subsequent AY.s, the Tribunal had followed its decision in the assessee’s own case and had held that the surplus with deficit as per shareholders’ account should be aggregated with surplus with deficit in the policyholders account for determining the profit or loss of the assessee under section 44. The Tribunal was justified in holding that the assessee had correctly computed the profits of life insurance business. (AY.  2011-12, 2012-13, 2013-14)