114 ITR 434 (CAL.); and (iv) Life Insurance Corporation of India v. CIT

119 ITR 900High Court1979#4601 most cited

What is 114 ITR 434 (CAL.); and (iv) Life Insurance Corporation of India v. CIT authority for?

The computation of profits for a life insurance business must follow a special, artificial mode prescribed in the First Schedule of the Income Tax Act, rather than the standard method for ordinary assessees.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

Life Insurance Corporation of India v CIT · section 44 · First Schedule · computation of profits · life insurance business · artificial mode of computation · Bombay High Court

Sections most often in play

Section 115PSection 14ASection 234ASection 234BSection 271(1)(c)Section 80IABSection 143(3)Section 37

Issues it is cited on

section 80iabsection 115psection 10(15)section 191section 2(11)deduction under section 80iasection 14a(2)deduction u/s 80iaunabsorbed depreciationsection 199transfer of capital assetenduring benefit

Judgments citing 114 ITR 434 (CAL.); and (iv) Life Insurance Corporation of India v. CIT

DCIT 1(3), Mumbai vs. Sbi Life Insurance Complany Ltd, Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 2576/MUM/2014[2010-11]Status: DisposedITAT Mumbai23 Dec 2016AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…is issue. The IT AT directed the AO to re-adjudicate the matter keeping in view the decisions of Hon'ble ITAT, Mumbai in the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and nl3/Mum/20l0 and LIC Vs CIT (115 ITR 45,51 ITR 773 and 119 ITR 900). 6.2 In the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and 7213 um/20lO, the Hon'ble ITAT, Mumbai held as under:- "49. In view of the above and respectfully following the same, we hold that assessee is entitled to exemption under section 10. Therefore, we do not see any reason to differ from the order of the CIT…

Sbi Life Insurance Co. Ltd., Mumbai vs. D.C.I.T.(O.S.D.) -1(2), Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 5112/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Dec 2016AY 2009-10

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…is issue. The IT AT directed the AO to re-adjudicate the matter keeping in view the decisions of Hon'ble ITAT, Mumbai in the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and nl3/Mum/20l0 and LIC Vs CIT (115 ITR 45,51 ITR 773 and 119 ITR 900). 6.2 In the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and 7213 um/20lO, the Hon'ble ITAT, Mumbai held as under:- "49. In view of the above and respectfully following the same, we hold that assessee is entitled to exemption under section 10. Therefore, we do not see any reason to differ from the order of the CIT…

Sbi Life Insurance Co. Ltd, Mumbai vs. ACIT 1(3), Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 4066/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Dec 2016AY 2007-08

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…is issue. The IT AT directed the AO to re-adjudicate the matter keeping in view the decisions of Hon'ble ITAT, Mumbai in the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and nl3/Mum/20l0 and LIC Vs CIT (115 ITR 45,51 ITR 773 and 119 ITR 900). 6.2 In the case of ICICI Prudential Insurance Vs ACIT Vide ITA Nos. 6854 to 6856, 7765 and 7213 um/20lO, the Hon'ble ITAT, Mumbai held as under:- "49. In view of the above and respectfully following the same, we hold that assessee is entitled to exemption under section 10. Therefore, we do not see any reason to differ from the order of the CIT…

Stovec Industries Ltd, Gujrat vs. Addl CIT RG 2(3), Mumbai

The appeal of the AO is dismissed

ITA 2812/MUM/2013[2007-08]Status: DisposedITAT Mumbai24 Aug 2016AY 2007-08

Bench: S/Shri Rajendra & C.N. Prasadआयकर आयकर अपील अपील संसंसंसं./Ita/2812/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Stovec Industries Ltd. Addl.Cit, Range- 2(3) Room No.555, 5Th Floor Nidc, Nr. Lambha Village Post Narol, Ahmedabad Vs. Aayakar Bhavan Gujarat-382 405. Mumbai-20. Pan:Aabcs 7223 D आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं./Ita/2449/Mum/2013,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2007-08 वष" Addl.Cit, Range- 2(3) M/S. Stovec Industries Ltd. Vs. Mumbai-20. Gujarat-382 405. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri N. Sathya Moorthy-Dr Assessee By: S/Shri Dhanesh Bafna & Ravi Sawana सुनवाई क" तारीख / Date Of Hearing: 11.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 24.08.2016 आयकर अिधिनयम आयकर अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 29.01.13 Of Cit(A)-6, Mumbai The Assessing Officer (Ao) & The Assessee Have Filed The Cross-Appeals For The Year Under Consideration.Assessee-Company, Engaged In The Business Of Manufacturing Of Rotary Screens Etc.Filed Its Return Of Income On 31. 10.2007,Declaring Income Of Rs.5.52 Crores. The Ao Completed The Assessment On 18.12.09 U/S. 143(3)Of The Act,Determining Income Of The Assessee At Rs.8,88,79,430/- .

For Appellant: S/Shri Dhanesh Bafna & Ravi SawanaFor Respondent: Shri N. Sathya Moorthy-DR
Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण, मुंबई “ई” खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. एन सी एन एन. "साद एन "साद "साद,"याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर आयकर अपील अपील संसंसंसं./ITA/2812/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Stovec Industries Ltd. Addl.CIT, Range- 2(3) Room No.555, 5th Floor NIDC, Nr. Lambha Village Post Narol, Ahmedabad…

ACIT 2(3), Mumbai vs. Stovec Industries Ltd, Ahemedabad

The appeal of the AO is dismissed

ITA 2449/MUM/2013[2007-08]Status: DisposedITAT Mumbai24 Aug 2016AY 2007-08

Bench: S/Shri Rajendra & C.N. Prasadआयकर आयकर अपील अपील संसंसंसं./Ita/2812/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Stovec Industries Ltd. Addl.Cit, Range- 2(3) Room No.555, 5Th Floor Nidc, Nr. Lambha Village Post Narol, Ahmedabad Vs. Aayakar Bhavan Gujarat-382 405. Mumbai-20. Pan:Aabcs 7223 D आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं./Ita/2449/Mum/2013,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2007-08 वष" Addl.Cit, Range- 2(3) M/S. Stovec Industries Ltd. Vs. Mumbai-20. Gujarat-382 405. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri N. Sathya Moorthy-Dr Assessee By: S/Shri Dhanesh Bafna & Ravi Sawana सुनवाई क" तारीख / Date Of Hearing: 11.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 24.08.2016 आयकर अिधिनयम आयकर अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 29.01.13 Of Cit(A)-6, Mumbai The Assessing Officer (Ao) & The Assessee Have Filed The Cross-Appeals For The Year Under Consideration.Assessee-Company, Engaged In The Business Of Manufacturing Of Rotary Screens Etc.Filed Its Return Of Income On 31. 10.2007,Declaring Income Of Rs.5.52 Crores. The Ao Completed The Assessment On 18.12.09 U/S. 143(3)Of The Act,Determining Income Of The Assessee At Rs.8,88,79,430/- .

For Appellant: S/Shri Dhanesh Bafna & Ravi SawanaFor Respondent: Shri N. Sathya Moorthy-DR
Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण, मुंबई “ई” खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. एन सी एन एन. "साद एन "साद "साद,"याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर आयकर अपील अपील संसंसंसं./ITA/2812/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Stovec Industries Ltd. Addl.CIT, Range- 2(3) Room No.555, 5th Floor NIDC, Nr. Lambha Village Post Narol, Ahmedabad…