GIC v. CIT

United India Insuance Co Limited, Chennai vs. PCIT 3, Chennai

In the result, the appeals for AY 2014-15, 2016-17 & 2017-18 are

…s before tax and appropriations as disclosed in the profits and loss account prepared in accordance with the provisions of the Insurance Act, 1938 or IRDA Act, 1999. Relying upon the judgement of the Hon'ble Supreme Court in the case of GIC v. CIT reported in 240 ITR 739, she argued that the amount of profit as per the profits and loss account of the assessee carrying on insurance business should satisfy the requirements of the Insurance Act and the same is final, cannot be altered by the Assessing Officer. 19. Further, the Id. Senior Standing Counsel submits that the amount credited to the profit and loss accoun…

United India Insurance Co Ltd, Chennai vs. PCIT, Chennai

…s before tax and appropriations as disclosed in the profits and loss account prepared in accordance with the provisions of the Insurance Act, 1938 or IRDA Act, 1999. Relying upon the judgement of the Hon'ble Supreme Court in the case of GIC v. CIT reported in 240 ITR 739, she argued that the amount of profit as per the profits and loss account of the assessee carrying on insurance business should satisfy the requirements of the Insurance Act and the same is final, cannot be altered by the Assessing Officer. 19. Further, the Id. Senior Standing Counsel submits that the amount credited to the profit and loss accoun…

United India Insurance Co Limited, Chennai vs. PCIT-3, Chennai

In the result, the appeals for AY 2014-15, 2016-17 & 2017-18 are partly allowed and appeals for AY 2015-16 & 2017-18 (in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1759/Chny/2019, 182 & 183/Chny/2021, 430/Chny/2022 & 683/Chny/2023 िनधा"रण वष"/Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 United India Insurance Co. Ltd., Vs. The Principal Commissioner Of O/O The Chief Manager, Cfac Income Tax – 3, Department, Head Office, United India Chennai 600 034. Nalanda, Door No. 19, Ground Floor, 4Th Lane, Utamar Gandhi Salai, Chennai 600 034. [Pan:Aaacu5552C] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Sundararaman, Ca ""थ" की ओर से/Respondent By : Ms. V. Pushpa, Sr. Standing Counsel (Virtual) सुनवाई की तारीख/ Date Of Hearing : 07.10.2025 घोषणा की तारीख /Date Of Pronouncement : 05.01.2026 आदेश /O R D E R Per S.S. Viswanethra Ravi: The Appeal In Ita No. 1759/Chny/2019 Filed By The Assessee Is Directed Against The Order Dated 29.03.2019 Passed By The Ld. Principal Commissioner Of Income Tax-3, Chennai For The Assessment Year 2014- 15. The Appeals In Ita No. 182 & 183/Chny/2021 Are Filed By The Assessee Against Different Orders Both Dated 28.03.2021 Passed By The Ld. Pcit-3, Chennai For The Assessment 2015-16 & 2016-17. The 2

…s before tax and appropriations as disclosed in the profits and loss account prepared in accordance with the provisions of the Insurance Act, 1938 or IRDA Act, 1999. Relying upon the judgement of the Hon’ble Supreme Court in the case of GIC v. CIT reported in 240 ITR 739, she argued that the amount of profit as per the profits and loss account of the assessee carrying on insurance business should satisfy the requirements of the 10 I.T.A. No.1759/Chny/19 & Ors United India Insurance Insurance Act and the same is final, cannot be altered by the Assessing Officer. 19. Further, the ld. Senior Standing Counsel submit…

United India Insurance Co.Ltd, Chennai vs. PCIT-3, Chennai

…s before tax and appropriations as disclosed in the profits and loss account prepared in accordance with the provisions of the Insurance Act, 1938 or IRDA Act, 1999. Relying upon the judgement of the Hon'ble Supreme Court in the case of GIC v. CIT reported in 240 ITR 739, she argued that the amount of profit as per the profits and loss account of the assessee carrying on insurance business should satisfy the requirements of the 10 I.T.A. No.1759/Chny/19 & Ors United India Insurance Insurance Act and the same is final, cannot be altered by the Assessing Officer. 19. Further, the Id. Senior Standing Counsel submits…