TATA AIG INSURANCE COMPANY LTD,MUMBAI vs. DCIT 2(3), MUMBAI

ITA 2634/MUM/2017Status: DisposedITAT Mumbai08 September 2026AY 2010-1117 pages
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What were the facts?

The assessee, a general insurance company, filed its return of income, which was later assessed at a significantly higher income by the Assessing Officer. The AO made several adjustments including transfer pricing, brought to tax profit on sale of investments, declined depreciation, and disallowed certain expenses.

What did the Tribunal hold?

The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal. It held that profit on sale of investments, dividend income, and expenditure on computer peripherals were not taxable or disallowable. It also ruled that co-insurance fees were not subject to TDS under Section 194H.

What were the issues?

The key issues involved the taxability of profit on sale of investments, allowability of depreciation, deductibility of expenses, transfer pricing adjustments for advertisement expenditure, and the applicability of TDS provisions to co-insurance fees.

Which sections of the Income-tax Act were involved?

Section 44,Section 32,Section 40(a)(ia),Section 92B,Section 10(34),Section 14A,Section 194H

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H” BENCH, MUMBAI

Before: SMT BEENA PILLAI & SHRI JAGADISH

For Appellant: Shri Nishant Thakkar a/w Ms. Jasmin
For Respondent: Shri Pravin Salunkhe, SR. DR
Hearing: 23.06.2026Pronounced: 08.09.2026

Per: SHRI JAGADISH, A.M.

1.

These cross appeals filed by the Revenue and the assessee are directed against the order dated 13.12.2016 passed by the Commissioner of Income-tax (Appeals)-58, Mumbai [“the learned CIT(A)”], in appeal No. CIT(A)-58/205/2014-15, arising out of the assessment order dated 26.05

The order continues below.

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