DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI, MUMBAI vs. TATA AIG GENERAL INSURANCE CO. LTD, MUMBAI

ITA 2398/MUM/2024Status: DisposedITAT Mumbai05 March 2026AY 2020-21Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI JAGADISH (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the issue of reversal of reserve for unexpired risk (UEPR) disallowed in earlier years, other than the immediately preceding year, is allowable as a deduction based on previous ITAT rulings. Similarly, exemptions and deductions claimed by the assessee were upheld based on established precedents.

What were the facts?

The assessee, TATA AIG General Insurance Company Ltd., filed appeals against the CIT(A)'s order concerning assessment year 2018-19 and other years. The revenue also filed cross-appeals. The appeals involved various grounds related to deductions, exemptions, and interest.

What were the issues?

The key issues involved the allowability of deductions for reversed unexpired risk reserves and the applicability of exemptions on capital gains and dividend income for a general insurance company.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 111A,Section 112,Section 14A,Section 40(a)(ia),Section 139(1),Section 234A,Section 234B,Section 234D

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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 (2 matters)

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

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TATA AIG General Insurance Company Ltd.

Per Bench :

A bunch of appeal filed by the assessee and revenue against the order of the Ld. Commissioner of Income Tax (Appeal)-54, Mumbai [for brevity ‘the ld. CIT(A)], order passed under section 250 of the Income T

The order continues below.

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