Section 44 & 115JB of the Income-tax Act, 1961—Insurance— Provisions of Section 115JB which enables the companies to compute book profit may not be applicable to insurance companies.

Facts: Whether Tribunal was justified and correct in holding that the provisions of Section 115JB which enables the companies to compute book profit may not be applicable to insurance companies?

Held, that with regard to whether the Tribunal is correct in holding that the provisions of Section 115JB which enables the companies to compute book profit may not be applicable to insurance companies, this Court had an occasion to consider the same question in the case of CIT v. Cholamandalam Ms. General Insurance Co. Ltd. and the same was rejected and held against the Revenue. - CIT V/s UNITED INDIA INSURANCE CO. - [2019] 14 ITCD Online 18 (MAD)