आदशे / O R D E R PER ABY T. VARKEY, JM:

These are appeals preferred by the assessee General Insurance Company against the orders of the Learned Commissioner of Income Tax (Appeals)-17, (hereinafter referred to as “the Ld.CIT(A)”), Chennai, all dated 14.12.2017 for the Assessment Year (hereinafter referred to as "AY”) 2010-11 to 2012-13.

2. At the outset, the Ld.AR of the assessee, Mr. Vikaram Vijayaraghavan, brought to our notice that there are only two issues which need to be adjudicated, which basically was not adjudicated by the Tribunal while disposing the assessee’s appeals vide common order dated 08.01.2025. Therefore, the assessee preferred MA Nos.70-72/Chny/2025 and the Tribunal vide order dated 06.11.2025 was pleased to recall the order dated 08.01.2025 for the limited purpose to adjudicate the following two grounds:

1. Non-adjudication of Ground relating to non-applicability of Section 115JB of the Act. [Ground No.11 for AY 2011-12 - ITA No.89 of 2018 & Ground No.22 for AY 2012-13 – ITA No.91 of 2018]

2. Disallowance of premium in respect of long term policy [Ground No.11 for AY

2011-12, ITA No.89 of 2018 & Ground No.22 for AY 2012-13-ITA No.91 of

2018]

3. Pursuant to the recalling of the Tribunal order supra, for adjudicating the aforesaid two grounds, these appeals have come before us for adjudication. The first issue i.e. Ground No.11 for AY 2011-12 & Ground No.22 for AY 2012-13 viz., non-applicability of section 115JB (book profit) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act‘) for the assessee which is an Insurance Company, as rightly pointed out by the Ld.AR, this issue is noted to be no longer res integra. On this issue, in a similar case of an assessee- Insurance Company, the jurisdictional Hon’ble Madras High Court by order dated 28.01.2019 in CIT v. Cholamandalam MS General Insurance Co. Ltd. [in TCA Nos.93-100 of 2019] had held in favor of assessee by holding that provisions of Section 115JB of the Act, which enables the companies to compute book-

profit is not applicable to Insurance Company. In this regard, it would be gainful to refer to the substantive question of law relevant to this issue as under:-

ii. Whether the Tribunal was justified and correct in holding that the provisions of 1151B of the Act, which enables the companies to compute book profit may not be applicable to insurance companies ?

4. And the Hon’ble High Court answered the same in favour of the assessee by holding that provisions of Sec.115JB of the Act are not applicable to the Insurance Company by observing as under:-

6. So far as the second substantial question of law is concerned, in the very same decision, we decided the question against the Revenue and in favour of the assessee therein, the relevant portion of which reads as follows:

"We have perused the order passed by the Commissioner of Income Tax (Appeals) (CIT(A)] as well as the Tribunal. As rightly pointed out by the Tribunal, the Insurance Companies prepare profit and loss account as per the guidelines issued by the Insurance Regulatory and Development Authority of India and not as per Part II and III of Schedule VI of Companies Act. Furthermore, the applicability of Schedule VI of the Companies Act was specifically excluded in respect of Insurance Companies. The revenue has not been able to dislodge before us by way of an appeal. We find that the conclusion arrived at by the Tribunal in this regard is proper and valid. Accordingly, the appeals filed by the revenue on this ground are dismissed and consequently, the above substantial question of law is answered in favour of the assessee.

7. Mr.M.Swaminathan, learned Senior Standing Counsel for the appellant has drawn our attention to the assessment order for the year 2007-08 dated 16.12.2010 and by referring to the factual statement made therein, It is submitted that the assessee themselves declared their Income under Section 115JB of the Act and that therefore, it will not lie in the mouth of the assessee now to