ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI vs. HDFC LIFE INSURANCE COMPANY LIMITED, MUMBAI

ITA 2716/MUM/2023Status: DisposedITAT Mumbai29 October 2024AY 2019-20Bench: BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to claim exemptions under Section 10(15), 10(34), and 10(23AAB) based on previous judicial precedents. The AO's disallowance of adjustments to the actuarial surplus was also found to be incorrect.

What were the facts?

The assessee, HDFC Life Insurance Company Ltd., filed its return of income for AY 2019-20. The Assessing Officer (AO) determined the taxable income based on the actuarial surplus as per Form No. 1, disallowing certain adjustments claimed by the assessee. The CIT(A) allowed these adjustments and also granted exemptions under various sub-sections of Section 10.

What were the issues?

The key issues were the correct computation of taxable income for an insurance business under Section 44 read with Rule 2 of the First Schedule, and the applicability of exemptions under Section 10.

Which sections of the Income-tax Act were involved?

Section 44,Section 10(15),Section 10(34),Section 10(23AAB)

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI AMARJIT SINGHSHRI SANDEEP SINGH KARHAIL

For Appellant: Shri Ms. Aarti Vissanji
For Respondent: Shri Manoj Kumar Sinha, Sr. AR

Heard together (2 matters)

CO.No. 22/MUM/2024
ITA No. 2716/Mum/2023

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

PER SANDEEP SINGH KARHAIL, J.M.

The present appeal by the Revenue and cross objection by the assessee have been filed against the impugned order dated 09/06/2023,

passed u/s 250 of the Income Tax Act, 1961 (“the

The order continues below.

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