Bombay High Court Dismisses Revenue Appeals Against Deletion of Additions for Solvency Margin and Jeevan Suraksha Fund Loss in Assessment of Life Insurance Corporation. The Court Holds That Provision for Solvency Margin Made as per IRDA Directions is an Ascertained Liability and that Loss from Pension Fund Remains Deductible Under Section 44 Despite Exemption of Income Under Section 10(23AAB).
2 Aug 2011The appeals arose from the assessment of Life Insurance Corporation of India under the Income Tax Act, 1961. The assessee, a life insurer, had in its ...
