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Surplus with deficit as per Shareholders’ Account should be aggregated with Policyholders’ Account for determining Profit or Loss: Karnataka HC grants Relief to PNB Metlife
In a major relief to the PNB Metlife, the Karnataka High Court held that Surplus with the deficit as per shareholders’ account should be aggregated with policyholders’ account for determining profit or loss. The assessee Company is engaged in the business of life insurance and filed a return of income declaring loss which was computed by aggregating its reporting under shareholders account and policyholders account as prescribed under Insurance Regulatory and Development Authority (IRDA).
The Assessing Officer completed the assessment under Section 143(3) of the Act, treating the surplus under shareholders’ account as income from business and taxed at normal rates.