TATA AIG GENERAL INSURANCE COMPANY LIMITED (TAGIC),MUMBAI vs. ASSESSMENT UNIT, INCOME-TAX DEPARTMENT, ASSESSMENT UNIT, INCOME-TAX DEPARTMENT

ITA 1432/MUM/2024Status: DisposedITAT Mumbai05 March 2026AY 2020-2127 pages
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What did the Tribunal hold?

The ITAT allowed the assessee's appeals and dismissed the revenue's appeals for the most part. The tribunal followed its own previous decisions and binding precedents to decide various issues, including deductions for reserves, capital gains exemption, classification of investment profits, and disallowances related to reinsurance, claims, and other expenses.

What were the facts?

The assessee, a general insurance company, contested various additions and disallowances made by the Assessing Officer (AO) and partially upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. Both the assessee and the revenue filed appeals before the Income Tax Appellate Tribunal (ITAT) concerning assessment years 2018-19 and 2020-21.

What were the issues?

The core issues revolve around the allowability of various deductions and exemptions claimed by the general insurance company, including reserves for unexpired risks, long-term capital gains, and the classification of investment profits, as well as disallowances made by the revenue authorities.

Which sections of the Income-tax Act were involved?

Section 250,Section 143(3),Section 260,Section 144B,Section 10(38),Section 111A,Section 112,Section 234A,Section 234B,Section 234D,Section 139(1),Section 40(a)(ia),Section 43B,Section 32,Section 10(34),Section 10(15)(iv)(h),Section 14A,Section 6E

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “E”, MUMBAI

Before: SHRI ANIKESH BANERJEE & SHRI JAGADISH

For Appellant: Shri Madhur Agrawal
For Respondent: Shri Ritesh Misra (CIT DR)
Hearing: 21/01/2026Pronounced: 05/03/2026

Heard together (4 matters)

ITA No.1432/Mum/2024
ITA No.1450/Mum/2024
ITA No.2398/Mum/2024
ITA No.2403/Mum/2024

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

2 ITA No.1432, 1450, 2398 & 2403/Mum/2024 TATA AIG General Insurance Company Ltd.

Per Bench : A bunch of appeal filed by the assessee and revenue against the order of the Ld

The order continues below.

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