General Insurance Corporation of India v. Deputy Commissioner of Income Tax & anr.

DCIT- CC - 1 (1), Mumbai vs. Edelweiss Tokio Life Insurance Ltd., Mumbai

The appeal stands dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.6270/Mum/2018 (धििाारण वर्ा / Assessment Year:2012-13 ) Dcit–Central Circle-1(1) M/S. Edelweiss Tokio Life Insurance Ltd. 4Th Floor, Edelweiss House बिाम/ Room No.903, 9Th Floor Off Cst Road, Kalina Old Cgo (Annexe) Vs. Santacruz (East), Mumbai-400 098. M.K. Road, Mumbai-400 020. स्थायीलेखा िं./जीआइआर िं./Pan/Gir No. Aaace-2709-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Jitendra Jain-Ld.Ar Revenue By : Shri Amit Pratap Singh -Ld. Dr ुनवाई की तारीख/ : 07/10/2020 Date Of Hearing घोषणा की तारीख / : 22/10/2020 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Revenue For Assessment Year [In Short Referred To As ‘Ay’] 2012-13 Contest The Order Of Ld. Commissioner Of Income- Tax (Appeals)-8, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-8/It-217/2016-17 Dated 20/08/2018 On Following Grounds: - 1. "Whether On Facts & Circumstance Of The Case & In Law, The Ld. Cit(A), Is Correct In Allowing Exemptions U/S. 10(34) Of The Income Tax Act, 1961, Amounting To Rs.17,92,987/- On Account Of Dividend Income Which Was Denied By The Assessing Officer On The Basis The Fetters Prescribed In Section 44 Of The Income

…e dividend income would be unjustified and would run contrary to the provisions of the act. Similar was the ratio of following decisions: - (i) DCIT V/s IDBI Federal Life Insurance Company Ltd. (ITA 6282/Mum/2012) (ii) General Insurance Company Ltd. V/s DCIT (342 ITR 27 Bom) (iii) CIT V/s New India Assurance Company Ltd. (71 ITR 761 Bom) (iv) Life Insurance Corporation of India Ltd. V/s CIT (115 ITR 45 Bom) Therefore, the action of Ld. AO in taxing the dividend income was reversed. 3.4 The alternative disallowance u/s 14A, as proposed by Ld. AO was deleted by observing that the provisions of Sec.14A would not ap…

DCIT - 3(2)(2), Mumbai vs. The New India Assurance Co .Ltd., Mumbai

Bench: Shri Pramod Kumar & Shri Ravish Soodita Nos.3151 & 3149/Mum/2018 (Assessment Years: 2012-13 & 2013-14) Dy Commissioner Of Income-Tax-3(2)(2) M/S The New India Assurance Co. Ltd. 6Th Floor, Aaykar Bhavan, M.K Road, New India Assurance Building, Vs. Mumbai – 400 020 87, M G Road, Fort, Mumbai -400 001

…rch 2011, seeking to reopen the assessment completed under Section 143(3) of the Act on 31st December, 2017. 4 The impugned order of the Tribunal dismissed the Revenue's appeal by following the decision of this Court in General Insurance Corporation v/s. DCIT 342 ITR 27. In the above case, this Court held on an identical facts that General Insurance Corporation (supra) is entitled to the benefit of exemption under Section 10(38) of the Act. 5 The grievance of the Revenue before us is that: (a) the impugned order of the Tribunal has ignored the decision of its Co-ordinate Bench in respect of Assessment Year 2004…

ACIT - 3(2)(2), Mumbai vs. The New India Assurance Co. Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blea.C.I.T. – 3(2)(2) V. The New India Assurance Co. Ltd Room No. 674, 6Th Floor New India Building, 87 M.G. Road, Fort Aayakar Bhavan, M.K. Road Mumbai – 400 001 Mumbai – 400 020 Pan: Aaacn4165C (Appellant) (Respondent) Assessee By : Shri Farookh Irani Department By : Shri Sushil Kumar Poddar

…rch 2011, seeking to reopen the assessment completed under Section 143(3) of the Act on 31st December, 2017. 4 The impugned order of the Tribunal dismissed the Revenue's appeal by following the decision of this Court in General Insurance Corporation v/s. DCIT 342 ITR 27. In the above case, this Court held 4 The New India Assurance Co. Ltd on an identical facts that General Insurance Corporation (supra) is entitled to the benefit of exemption under Section 10(38) of the Act. 5 The grievance of the Revenue before us is that: (a) the impugned order of the Tribunal has ignored the decision of its Co-ordinate Bench i…

Tata Aig General Insurance Company Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…

DCIT 2(3), Mumbai vs. Tata Aig General Insurance Co. Ltd, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…

Addl CIT 2(3), Mumbai vs. Tata Aig General Insurance Co. Ltd, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…

Tata Aig General Insurance Company Ltd, Mumbai vs. Addl CIT RG 2(3), Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…

Tata Aig General Insurance Company Limited, Mumbai vs. Addl. C.I.T. Range 2(3), Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…

Addl CIT 2(3), Mumbai vs. Tata Aig General Insurance Co. Ltd, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed, in terms indicated hereinabove

…confirm the action of the CIT(A). 8. In ground No.5, the revenue is aggrieved for CIT(A)’s action for exempting dividend income. 9. This issue is also covered by the order of the Hon’ble Bombay High Court in the case of General Insurance Corporation of India, 342 ITR 27. The precise observation of the Hon’ble High Court are as under :- “12. In General Insurance Corp. of India v. CIT [1999] 240 ITR 1391 106 Taxman 389 (SC) the Supreme Court considered in an appeal arising out of a judgment of the High Court the issue as to whether a sum of Rs. 3 crores, being a provision for redemption of preference shares, was no…