Loss in pension fund has to excluded from insurance business income

Issue before tribunal: Whether pension fund is liable to excluded from the actual income of the insurance business. Whether AO rightly rejected the assessee’s application u/s 154 filed by assessee to rectify mistake in calculating income in the light of subsequent decision of Hon’ble Bombay High Court. Brief Facts of the case: Assessee company engaged in the business of providing life insurance and allied services. It filed its return of income for the relevant year on disclosing a loss of Rs.59,656.76 lacs. In arriving at the said figure, loss from pension business (at Rs.14,162.68 lac...