JCIT (OSD), I/C DCIT, CIRCLE-8(3)(1), MUMBAI vs. M/S. TATA AIA LIFE INSURANCE CO. LTD., MUMBAI

ITA 1897/MUM/2023Status: DisposedITAT Mumbai31 January 2024AY 2013-14Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal dismissed the revenue's grounds of appeal, finding the CIT(A)'s decisions to be legally correct and in consonance with judicial discipline. The assessee's cross-objection regarding the exempt income under Section 10(34) was restored to the AO for verification.

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 and insurance-related acts. Key issues involved adjustments to surplus, exemption under Section 10(34), and the applicability of Section 14A.

What were the issues?

The primary issues were the correct computation of income for an insurance company, including the allowability of exemptions and the impact of Section 14A, and the treatment of capital contributions.

Which sections of the Income-tax Act were involved?

Section 44,Section 10(34),Section 14A,Section 10(23AAB),Section 115B,Section 80(JJAA)

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Cases cited in this judgment(2)Show list

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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 वर्ा / Assessment Year: 2013-14)

Jt. Commissioner of Income बिधम/ M/s. Tata AIA Life Tax (O )- I/c DCIT, Insurance Co. Ltd.

Vs. 14th Floor, Tower-A, Circle-8(3)(1)

Aaykar Bhavan, Room No.

Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. Cross Objection No. 80/Mum/2023 Arising out of I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) M/s. Tata AIA Life बिधम/ Jt. Commissioner of Insurance Co. Ltd.

Income Tax (O )- I/c Vs. 14th Floor, Tower-A, DCIT, Circle-8(3)(1)

Peninsula Business Park, Aaykar Bhavan, Room Senapati, Bapat Marg, No. 615, M. K. Road, Lower Parel, Mumbai- New Marine Lines, 400013. Mumbai-400020. आयकर अपील सं/ I.T.A. No.1759/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2018-19)

Jt. Commissioner of Income बिधम/ M/s. Tata AIA Life Tax (O )- I/c DCIT, Insurance Co. Ltd.

Vs.

Circle-8(3)(1) 14th Floor, Tower-A, Aaykar Bhavan, Room No.

Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai-

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