CIT v. Life Insurance Corporation of India Ltd.

DCIT-CC 5(3), MUMBAI, MUMBAI vs. INDIAFIRST LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, both the appeal of the Revenue as well as cross

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2011-12 Dcit-Cc-5(3), Indiafirst Life Insurance Company Room No. 426, Kautilya Bhavan, Ltd., Vs. Bkc Road, 12Th & 13Th Floor, Building No. 4, Mumbai-400051. Nesco It Park Western Express Highway Goregaon E, Mumbai-400063. Pan No. Aadcb 6215 G Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER) Assessment Year: 2011-12 DCIT-CC-5(3), Indiafirst Life Insurance Company Room No. 426, Kautilya Bhavan, Ltd., Vs. BKC Road, 12th and 13th Floor, Building No. 4, Mumbai-400051. Nesco IT Park Western Express Highway Goregaon E, Mumbai-400063. PAN NO. AADCB 6215 G Appellant Respondent CO No. 206/MUM/2024 (Arising out of ITA No. 3825/MUM/2024) Assessment Year: 2011-12 Indiafirst Life Insurance DCIT-CC-5(3), Company Ltd., Room No. 426, Kautilya Bhavan, 12th and…

DCIT-1(3)(1), MUMBAI vs. M/S FUTURE GENERALI INDIA LIFE INSURANCE CO. LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

…to 2017-18 even the ld. CIT (A) also has followed earlier orders of the Tribunal and 3 M/s. Future Generali India Life Insurance Co. Ltd. also the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Life Insurance Corporation of India Ltd 338 ITR 212 and General Insurance Corporation of India 17 taxmann.com 247. 4. The brief facts of the case are that the assessee company is engaged in the business of life insurance and has obtained license of life insurance business from insurance regulatory and development authority. Accordingly, it was required to maintain books in accordance with the dire…

M/S LIFE INSURANCE CORPORATION OF INDIA,MUMBAI-400021 vs. DY COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

Appeal is disposed off as being partly allowed

…IN THE INCOME TAX APPELLATE TRIBUNAL "A" BENCH, MUMBAI SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER M/s Life Insurance Corporation of India, Central Office, F&A Department, 3rd Floor, Yogakshema, Jeevan Bima Marg, Mumbai - 400021 [PAN: AAACL0582H] …………… Appellant Vs DCIT-3(2)(1), Mumbai, R. No. 608, 6th Floor, Aaykar Bhavan, M.K. Road, ……………. Respondent Churchgate, Mumbai - 400020 ACIT-3(2)(1), Mumbai, Room No. 674, 6th Floor, Aaykar Bhavan, M.K. Road, Mumbai - 400020 ……………… Appellant M/s Life Insurance Corporation of India, Vs Central Office, F&A Department, 3rd Floor, Yogakshema,…

DCIT 12 (2)(2), MUMBAI vs. M/S INDIA FIRST LIFE INSURANCE COMPANY LTD, MUMBAI

In the result, impugned order is upheld and appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy & Shri M.Balaganeshआअसं. 6725/मुं/2019 ("न. व. 2016-17) Dcit-12(2)(2), Room No. 128F, 1St Floor, Aayakar Bhavan, Churchgate, ...... अपीलाथ" /Appellant Mumbai-400020 बनाम Vs. M/S India First Life Insurance Co. Ltd. B-301, Tril It 4, Filmcity Road, Malad (East), Mumbai-400097. Pan: Aadcb6215G ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Sh. R.K. Sahu ""तवाद" "वारा/Respondent By : Shri Farookh V. Irani सुनवाई क" "त"थ/ Date Of Hearing : 09/08/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 30/08/2021 आदेश/ Order Per Vikas Awasthy, Jm: This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-20, Mumbai [Hereinafter Referred To As ‘The Cit(A)’] Dated 30.08.2019 For Assessment Year (Ay) 2016-17. 2 Ita No. 6725 Mum 2019 (A.Y. 2016-17)

…) of the Act, whereby the words other insurer engaged in pension fund" are included, we find that the finding of the CIT (A) on the first issue is fair and reasonable. As such, the judgement of the Hon'ble High Court of Bombay in case of the LIC of India Ltd (338 ITR 212) is directly on the issue. Accordingly, the claim of the loss of the Pension Fund is an allowable claim. We approve the conclusions drawn by the CIT (A) vide para 4.3 of his order on this issue. Thus, Ground No. 1 raised by the Revenue is dismissed." Facts and issue being the same as that of the earlier year, respectfully following the decision o…

ACIT 12(2)(2), MUMBAI vs. INDIA FIRST LIFE INSURANCE CO.LTD, MUMBAI

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1912/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2013-14) Acit-12(2)(2) बिधम/ M/S. India First Life 12(2)(2), Room No.145, 1St Insurance Company Ltd. Vs. Floor, Aayakar Bhavan, 301, B-Wing, The Qube, M.K. Road, Mumbai- Infinity Park, Dindhosi, Film 400020. City Road, Malad (E), Mumbai-400097. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcb6215G (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Manjunatha Swamy (Dr) Assessee By: Shri Ketan Ved/Ninad Patade सुनवाई की तारीख / Date Of Hearing: 01/08/2019 घोषणा की तारीख /Date Of Pronouncement: 07/08/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 15.12.2017 Passed By The Commissioner Of Income Tax (Appeals) -22, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2013- 14. 2. The Revenue Has Raised The Following Grounds: -

…) of the Act, whereby the words other insurer engaged in pension fund" are included, we find that the finding of the CIT (A) on the first issue is fair and reasonable. As such, the judgement of the Hon'ble High Court of Bombay in case of the LIC of India Ltd (338 ITR 212) is directly on the issue. Accordingly, the claim of the loss of the Pension Fund is an allowable claim. We approve the conclusions drawn by the CIT (A) vide para 4.3 of his order on this issue. Thus, Ground No. 1 raised by the Revenue is dismissed." Facts and issue being the same as that of the earlier year, respectfully following the decision o…

JCIT (OSD) 12(1)(1), MUMBAI vs. AEGON LIFE INSURANCE CO. LTD(ERSTWHILE AEGON LIFE INSURANCE CO. LTD), MUMBAI

In the result, appeal filed by the revenue for assessment year 2013-2014 is dismissed

Bench: Shri G. Manjunatha (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2013-14 The Acit Circle-12(1)(1), Aegon Life Insurance Company Room No. 223, 2Nd Floor, Ltd., Aayakar Bhavan, M.K. Road, Bldg. No. 3, 3Rd Floor, Unit-I Mubmai - 20 Vs. Nesco I.T. Park, W.E. Highway, Goregaon (East), Mumbai - 400063 Pan: Aagca3203J (Appellant) (Respondent) Revenue By : Shri Anadi Varma (Cit Dr) Assessee By : Shri Niraj Sheth (Ar) Date Of Hearing: 23/07/2019 Date Of Pronouncement: 30/07/2019

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI G. MANJUNATHA (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2013-14 The ACIT Circle-12(1)(1), Aegon Life Insurance Company Room No. 223, 2nd Floor, Ltd., Aayakar Bhavan, M.K. Road, Bldg. No. 3, 3rd Floor, Unit-I Mubmai - 20 Vs. Nesco I.T. Park, W.E. Highway, Goregaon (East), Mumbai - 400063 PAN: AAGCA3203J (Appellant) (Respondent) Revenue by : Shri Anadi Varma (CIT DR) Assessee by : Shri Niraj Sheth (AR) Date of Hearing: 23/07/2019 Date of Pronouncement: 30/07/2019 O R D E R PER RAM LAL NEGI, JM This appeal has been filed by the re…

DCIT 1(2), MUMBAI vs. KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD, MUMBAI

In the result, both the appeals of the Revenue are dismissed

Bench: Shri C.N. Prasad & Shri Rajesh Kumar

…of deficit. Rejecting the same, AO did not allow the set off which was assailed successfully before CIT(A), who relied upon assessee’s own case for earlier year. Our attention is drawn to the judgment of Hon’ble Bombay High Court in CIT vs. LIC of India Ltd. 338 ITR 212 where in similar situation, the set-off of the same has been allowed by the jurisdictional court. Respectfully following the same, we dismiss Ground No.6 of revenue’s appeal.” Since the issue involved in the ground no 4 is identical to one as decided by the tribunal above, we are inclined to dismiss the ground raised by the revenue. M/s. Kotak M…

DCIT 6(1)(2), MUMBAI vs. BIRLA SUN LIFE INSURANCE CO. LTD, MUMBAI

In the result, all the appeals of Revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

…assessee’s own case. 5. By the impugned order, CIT(A) directed AO to follow the direction given by the ITAT in assessee’s own case. We found that the Tribunal by following the order of the Bombay High Court in case of Life Insurance Corporation of India Ltd., 338 ITR 212 has given direction to the AO to consider the plea raised by assessee afresh in the light of the decision of the Bombay High Court in the case of Life Insurance Corporation of India Ltd., The CIT(A) has directed the AO after having following observation:- 6.1. It is seen that the Hon. Mumbai IT AT in the appellant's case for the captioned, asses…

DCIT 9(3)(2), MUMBAI vs. FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD, MUMBAI

In the result, we uphold the order of the learned CIT(A) and dismiss the appeal filed by the revenue

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12

…otal loss of Rs. 300,45,37,430. Subsequently, it filed a revised return of income on 30.03.2012 disclosing total loss of Rs. 320,16,20,117 following the judgement of the Hon'ble Bombay High Court in the case of CIT vs. Life Insurance Corporation of India Ltd. 338 ITR 212 (2011) in respect of loss from pension business u/s 10(23AAB) of the Act. 3 FGLIC is a company registered under the Companies Act, 1956 and has obtained license to undertake the business of life insurance from Insurance Regulatory and Development Authority (IRDA). FGILIC maintains its regular book of accounts in accordance with the directions is…

DCIT CIR 6(1)(2), MUMBAI vs. BIRLA SUNLIFE INSURANCE COMPANY LTD, MUMBAI

In the result, the appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am Dy. Commissioner Of Income Tax, Birla Sunlife Insurance R. No. 506, 5Th Floor, Aayakar Company Ltd. Bhavan, M.K. Rd One India Bulls Centre Tower Mumbai Vs. 1 16Th Floor, Jupiter, Mills Compound 841 S.B. Marg Elpinston Rd, Mumbai-400013 .. Appellant Respondent Pan No. Aabcb4623J .. Shri N.P. Singh, Cit Dr Revenue By Assessee By .. Shri Ronak G. Doshi, Ar .. Date Of Hearing 06-03-2017 Date Of Pronouncement .. 06 -03-2017

…e loss incurred on pension business amounting to Rs. 26,16,32,515/-. Against disallowance by the AO assessee preferred the appeal before CIT(A), following the decision of Hon’ble Bombay High Court in the case of CIT vs. Life Insurance Corporation of India Ltd 338 ITR 212 and Tribunal’s decision in assessee’s own case for assessment year 2005-2006, 2006-07 and 2007-08 in ITA No. 8356/Mum/2010 Page 2 of 8 Birla Sunlife Insurance Company Ltd.; AY.10-11 and ITA No. 8357 & 8358/Mum/2010 dated 19.12.2013. The CIT(A) has allowed the claim of the assessee by observing as under: - “1.5 In the current year, the Appellant…

DCIT 14(2)(1), MUMBAI vs. INDIA FIRST LIFE INSURANCE CO.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri D. Karunakara Rao & Shri Ram Lal Negidcit-14(2)(1), फनाभ/ M/S. India First Life 453 Aayakar Bhavan, Insurance Co. Ltd., Vs. M.K. Marg, 4Th Floor, 301, B Wing, The Qube, Mumbai – 400 020. Infinity Park, Dindoshi, Film City Road, Malad East, Mumbai – 400 097. स्थामी रेखा सं./ Pan : Aadcb6215G (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) अऩीराथी की ओय से / Appellant By : Shri B.C.S. Naik, Cit-Dr प्रत्मथी की ओय से/ Respondent By : Shri Farrokh V. Irani & Mr. Manoj Purohit सुनवाई की तायीख / Date Of Hearing : 15.12.2016 घोषणा की तायीख /Date Of Pronouncement : 11.01.2017 आदेश / 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 & In The Circumstances Of The Case & In Law, The Cit (A) Erred In Disallowance Of Loss From Pension Fund Rs. 18,28,59,480/-. 2. On The Facts & In The Circumstances Of The Case & 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 & 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 & 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).

…) of the Act, whereby the words “other insurer engaged in pension fund” are included, we find that the finding of the CIT (A) on the first issue is fair and reasonable. As such, the judgment of the Hon‟ble High Court of Bombay in the case of LIC of India Ltd (338 ITR 212) is directly on the issue. Accordingly, the claim of the loss of Pension Fund is an allowable claim. We approve the conclusions drawn by the CIT (A) vide para 4.3 of his order on this issue. Thus, Ground no.1 raised by the Revenue is dismissed. Regarding the 2nd issue, which relates to the disallowance of dividend income 7. u/s 10(34) qua the pro…

DCIT CIR 3(1), MUMBAI vs. AEGEON RELIGARE LIFE INSURANCE CO. LTD, MUMBAI

In the result, the appeal of the assessee is allowed and that of the revenue is dismissed

Bench: Hon‟Ble Shri Mahavir Singh, Jm & Hon‟Ble Shri Ramit Kochar, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL, “A” BENCH: MUMBAI Before Hon‟ble Shri Mahavir Singh, JM & Hon‟ble Shri Ramit Kochar, AM I.T.A No. 4110/Mum/2014 A.Y 2010-11 M/s. Aegon Religare Life Vs. ACIT, Cir-3(1), Mumbai Insurance Company Limited PAN: AAGCA 3203J (Appellant/Assessee) (Respondent/Department) I.T.A No. 4130/Mum/2014 A.Y 2010-01 D.C.I.T, Cir 3 (1), Mumbai Vs. M/s. Aegon Religare Life Insurance Company Limited (Department) (Respondent) For the assessee : Shri Niraj Sheth, CA, ld.AR For the department: Shri Sunil Kumar Jha,ld.SR.DR Date of Hearing: 29-06-2016 Date of Pronouncement:12-09-2016 ORDER Shri…

AEGON RELIGARE LIFE INSURANCE COMPANY LTD,MUMBAI vs. ASST CIT CIR 3(1), MUMBAI

In the result, the appeal of the assessee is allowed and that of the revenue is dismissed

Bench: Hon‟Ble Shri Mahavir Singh, Jm & Hon‟Ble Shri Ramit Kochar, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL, “A” BENCH: MUMBAI Before Hon‟ble Shri Mahavir Singh, JM & Hon‟ble Shri Ramit Kochar, AM I.T.A No. 4110/Mum/2014 A.Y 2010-11 M/s. Aegon Religare Life Vs. ACIT, Cir-3(1), Mumbai Insurance Company Limited PAN: AAGCA 3203J (Appellant/Assessee) (Respondent/Department) I.T.A No. 4130/Mum/2014 A.Y 2010-01 D.C.I.T, Cir 3 (1), Mumbai Vs. M/s. Aegon Religare Life Insurance Company Limited (Department) (Respondent) For the assessee : Shri Niraj Sheth, CA, ld.AR For the department: Shri Sunil Kumar Jha,ld.SR.DR Date of Hearing: 29-06-2016 Date of Pronouncement:12-09-2016 ORDER Shri…