LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

ITA 1716/MUM/2022Status: DisposedITAT Mumbai27 September 2022AY 2016-1743 pages
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What did the Tribunal hold?

The Tribunal dismissed most of the Revenue's appeals, following precedents from the Bombay High Court and its own coordinate benches regarding the treatment of insurance business surplus and losses. However, one issue concerning interim bonus payments for a specific assessment year was remanded back to the Assessing Officer.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) heard cross-appeals filed by the Life Insurance Corporation of India (LIC) and the Revenue concerning various assessment years. The appeals involved disputes over additions made to LIC's income, including interim bonus payments, negative reserves, and income credited to shareholders' accounts.

What were the issues?

The key issues revolved around the correct computation of taxable surplus for an insurance company, including the treatment of interim bonuses, negative reserves, and income from shareholders' funds, and the applicability of Dividend Distribution Tax.

Which sections of the Income-tax Act were involved?

Section 44,Section 10(23AAB),Section 115-O,Section 80G,Section 271(1)(c)

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Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: SHRI KULDIP SINGH, HONBLE & SHRI S. RIFAUR RAHMAN, HONBLE

For Appellant: Shri. Anish Thacker, Shri. Nikhil Tiwari &, Shri Rishab Jalan
For Respondent: Shri. Jagadish Jangid
Hearing: 22.09.2022Pronounced: 27.09.2022

PER BENCH

1.

These cross appeals are filed by the assessee and Revenue different orders of Learned Commissioner of Income Tax (A

The order continues below.

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