ACIT CIR. 12(1)(2), MUMBAI vs. BHARTI AXA LIFE INSURANCE COMPANY LTD., MUMBAI

ITA 2930/MUM/2019Status: DisposedITAT Mumbai31 March 2021AY 2007-0836 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the CIT(A) rightly accepted the income offered by the assessee by merging the policyholders' and shareholders' accounts. It also found no infirmity in the CIT(A)'s order granting relief in respect of negative reserves.

What were the facts?

The assessee, an insurance company, filed its return declaring a loss. The Assessing Officer (AO) reopened the assessment. The Commissioner of Income Tax (Appeals) deleted the disallowance of loss and an addition on account of negative reserves.

What were the issues?

The validity of reopening of assessment and the taxability of a loss arising from accounting changes and negative reserves.

Which sections of the Income-tax Act were involved?

Section 44,Section 143(3),Section 147,Section 149,Section 151

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Cases cited in this judgment(22)Show list

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Income Tax Appellate Tribunal, ‘B‘ BENCH

Before: SHRI M.BALAGANESH & SHRI RAVISH SOOD

For Appellant: Shri Ajay Vohra &, Shri Rohit Jain
For Respondent: Shri Purushottam Tripuri, Shri Ajay Vohra &, Shri Rohit Jain
Hearing: 06/01/2021Pronounced: 31/03/2021

Heard together (2 matters)

CO No.63/Mum/2020
ITA No.2930/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

PER M. BALAGANESH (A.M):

This appeal in ITA No.2930/Mum/2019 & CO No.63/Mum/2020 for A.Y.2007-08 arise out of the order by the ld. Commissioner of Income Tax (Appeals)

The order continues below.

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