Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “I” BENCH, MUMBAI
O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the Revenue on 5.12.2014 is against the order of the CIT (A) – 21, Mumbai dated 1.9.2014 for the assessment year 2010-2011. In this appeal, Revenue raised the following grounds which read as under:- “1. On the facts and in the circumstances of the case and in law, the CIT (A) erred in disallowance of loss from pension fund Rs. 18,28,59,480/-.
2. On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in directing the AO to allow deduction of dividend income Rs. 3,52,584/- other than dividend income earned from pension scheme.”
2. Briefly stated relevant facts of the case are that the assessee is engaged in the business of „life insurance and annuity business‟. Assessee filed the return of income declaring the total loss of Rs. 33,78,80,593/-. Assessment was completed u/s 143(3) of the Act and the assessed income was determined at Rs. NIL which includes certain disallowances made by the AO. Aggrieved, assessee carried the matter in appeal before the CIT (A).