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 la

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