DCIT, CIRCLE- 1, LTU, NEW DELHI vs. THE ORIENTAL INSURANCE CO. LTD., NEW DELHI

ITA 1750/DEL/2018Status: DisposedITAT Delhi29 May 2023AY 2013-1420 pages
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What did the Tribunal hold?

The Tribunal held that Section 44 of the Act provides a complete code for computing profits of an insurance company, making Section 14A inapplicable for disallowances. It also allowed the assessee's claim for exemption under Section 10(38) for profit on sale of investments, subject to verification of STT payment.

What were the facts?

The assessee, an insurance company, filed its return of income. During assessment, issues like profit on sale of investment, interest income, depreciation, disallowance under Section 14A, guest house expenses, and provision for standard assets arose.

What were the issues?

Whether Section 14A is applicable to insurance companies for disallowances and whether profit on sale of investments is eligible for exemption under Section 10(38).

Which sections of the Income-tax Act were involved?

Section 44,Section 14A,Section 10(38),Section 32,Section 115JB

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Cases cited in this judgment(16)Show list

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Income Tax Appellate Tribunal, DELHI BENCH ‘G’ : NEW DELHI

Before: SH. ANIL CHATURVEDI & SH.ANUBHAV SHARMA

Hearing: 17.05.2023Pronounced: 29.05.2023

Heard together (2 matters)

ITA No. 1952/Del/2018
ITA No. 1750/Del/2018

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

Per Anubhav Sharma, JM :

The appeal is preferred by the Assessee & Revenue against the order dated 26.12.2017 of CIT(A)-22, New Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. ‘FAA’) in appeal No. 202/17-18/CIT(A)- 22, New Delhi arising out of an appeal before it against the assessment order

1952 & 1750/Del/2018 M/s. Oriental Insurance Co. Ltd.

dated 15.03.2016 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as ‘the Act’) by the DCIT, LTU, New Delhi (hereinafter referred as the Ld. AO).

The order continues below.

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