TATA AIA LIFE INSURANCE COMPANY LIMITED ,MUMBAI vs. DCIT- 8(3)(1), MUMBAI

ITA 1757/MUM/2023Status: DisposedITAT Mumbai31 January 2024AY 2018-1931 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the revenue's grounds of appeal, upholding the CIT(A)'s decision. It relied on its own previous rulings in the assessee's and similar cases, confirming that the assessee's method of computing actuarial surplus was in accordance with the law and that exemptions under Section 10(34) and 10(23AAB) were allowable.

What were the facts?

The appeals by the revenue and assessee concerned the interpretation of Section 44 of the Income Tax Act, 1961, read with the First Schedule, concerning the computation of income for an insurance company. The core dispute involved the method of calculating 'surplus' and the allowability of exemptions.

What were the issues?

The primary issues were whether the CIT(A) correctly interpreted Section 44 and the First Schedule in computing the insurance company's income and whether exemptions under Section 10(34) and 10(23AAB) were rightly allowed.

Which sections of the Income-tax Act were involved?

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

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Heard together (2 matters)

I.T.A. No.1897/Mum/2023
I.T.A. No.1759/Mum/2023

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

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S RIFAUR RAHMAN, AM

आयकर अपील सं/ I.T.A. No.1897/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2013-14) Jt. Commissioner of Income Tax (O )- I/c DCIT, Circle-8(3)(1) Aaykar Bhavan, Room No. 615, M. K. Road, New Marine Lines, Mumbai- 400020. Vs.

बनाम /

M/s. Tata AIA Life Insurance Co. Ltd. 14th Floor, Tower-A, Peninsula Business Park, Senapati, Bapat Marg, Lower Parel, Mumbai- 400013. Cross Objection No. 80/Mum/2023 Arising out of I.T.A. No.1897/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2013-14) M/s. Tata AIA Life Insurance Co. Ltd. 14th Floor, Tower-A, Peninsula Business Park, Senapati, Bapat Marg, Lower Parel, Mumbai- 400013. बनाम /

Vs.

Jt. Commissioner of Income Tax (O )- I/c DCIT, Circle-8(3)(1) Aaykar Bhavan, Room No. 615, M. K. Road, New Marine Lines, Mumbai-400020. आयकर अपील सं/ I.T.A. No.1759/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) Jt. Commissioner of Income Tax (O )- I/c DCIT, Circle-8(3)(1) Aaykar Bhavan, Room No. 615, M. K. Road, New Marine Lines, Mumbai- 400020. Vs.

बनाम /

M/s. Tata AIA Life Insurance Co. Ltd. 14th Floor, Tower-A, Peninsula Business Park

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