Loss incurred from the insurance fund liable to be excluded in computing the actuarial valuation surplus in view of the fact that the income from that Fund is exempt u/s 10(23AAB)

CIT, Mumbai Vs Life Insurance Corporation Of India Ltd.- (Bombay High Court)- The object of inserting Section 10(23AAB) as per the Board Circular No. 762 dated 18th February 1998 was to enable the assessee to offer attractive terms to the contributors. Thus, the object of inserting Section 10(23AAB) was not with a view to treat the pension fund like Jeevan Suraksha Fund outside the purview of insurance business but to promote insurance business by exempting the income from such fund. Therefore, in the facts of the present case, the decision of the Income Tax Appellate Tribunal in holding that ...