PNB METLIFE INDIA INSURANCE COMPANY LIMITED,BANGALORE vs. CIT, BANGALORE

In the result, appeal of the assessee is allowed”

Bench: Smt. Asha Vijayaraghavanshri S Jayaramanthe Pnb Metlife India Insurance Co. Ltd.., No.5, Brigade Seshmahal, Vani Vilas Road, Basavangudi, Bangalore. . Appellant Vs. The Commissioner Of Income-Tax (Appeals)-5, Bangalore. . Respondent Appellant By : Shri Kp Kumar, Sr. Counsel Respondent By : Shri Gr Reddy, Cit

115B of the Act, could be given only to the profits from life-insurance business, there is no dispute that assessee was doing only life-insurance business as regulated by the IRDA. CIT himself has mentioned that assessee was engaged in life- insurance business. Question whether policy holders account and shareholders account, in the case of an assessee carrying