LIC of India v. CIT

51 ITR 773Supreme Court of India1964#1787 most cited

What is LIC of India v. CIT authority for?

The assessment of profits for an insurance business is exclusively governed by the specific rules prescribed in the First Schedule to the Income Tax Act and Section 44, thereby precluding the Assessing Officer from applying general computation provisions, such as sections 28 to 43B, disallowances under Section 14A, or making adjustments outside these specific statutory rules.

64

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

LIC of India v CIT · 51 ITR 773 · insurance business assessment · profit computation insurance company · Section 44 Income Tax Act · First Schedule IT Act · applicability of Section 14A · general computation provisions · Assessing Officer power · special rules for insurers · Sections 28-43B · 115JB

Sections most often in play

Section 1938Section 44Section 143(3)Section 144BSection 14ASection 10(23AAB)Section 10(34)Section 115B

Issues it is cited on

section 115qsection 10(15)section 191section 115psection 10(23)section 10(34)section 199section 60section 2(11)interest on securitiesinterest under section 234ctransfer of capital asset

Judgments citing LIC of India v. CIT

ASSISTANT COMMISSIONER OF INCOME TAX 14.1.2, MUMBAI, MUMBAI vs. STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED, MUMBAI

ITA 3100/MUM/2025[2018-2019]Status: DisposedITAT Mumbai04 Nov 2025AY 2018-2019

Bench: Justice (Retd.) C V Bhadang, Hon’Ble & Ms. Padmavathy S, Hon’Bleasst. Cit 14(1)(2), Star Union Dai-Chi Life Insurance Mumbai. Company Limited, Vs. 11Th Floor, Vishwaroop I.T.Park, Plot N.34,35 & 36 Sector 30A Of Iip Vashi, Mumbai 400 703. (Appellant) (Respondent) Appellant By : Shri Arun Kanti Datta -Cit Dr Respondent By : Shri Bhupendra Karkhanis

For Appellant: Shri Arun Kanti Datta -CIT DRFor Respondent: Shri Bhupendra Karkhanis
Section 10Section 10(34)Section 115JSection 143(3)Section 14ASection 44

…ions of rules prescribed in First Schedule to the Act. It was thus, contended that the disallowance taking resort to section 14A could not have been made. Assessee placed reliance on the decision of Supreme Court in Life Insurance Corporation of India vs. CIT 51 ITR 773 (SC) claiming that the assessment of profits of an insurance business is governed by the provisions of Schedule 1 to the Income Tax Act and the Assessing Officer cannot travel beyond these provisions. 6. The learned Assessing Officer by an order dated 23.04.2021 u/s. 143(3) r.w.s. 144B of the Act made disallowance u/s. 14A of Rs. 20,36,71,987/- a…

SBI LIFE INSURANCE COMPANY LIMITED ,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1 , MUMBAI

In the result, the grounds of appeal raised by assessee are allowed

ITA 3364/MUM/2025[2019-20]Status: DisposedITAT Mumbai31 Oct 2025AY 2019-20

Bench: Shri Pawan Singh& Smt. Renu Jauhri

Section 143Section 143(3)Section 254(1)Section 263

…nsurance whereby not only do the provisions of sections 28 to 438 not apply, but even the computation provisions under other heads of income do not apply. 4.2 The Learned PCIT has erred in ignoring the decision of Hon'ble Supreme Court in case of LIC vs CIT [51 ITR 773] and Hon'ble High Court of Bombay in the case of LIC V. CIT [1978] 115 ITR 45 (Bom) wherein it is held that assessment of the profits of an insurance companies is completely governed by the rules under the schedules and that the AO has no power to make adjustment once the provisions of section 44 are invoked. 4.3 The Learned PCIT has erred in not…

SBI LIFE INSURANCE COMPANY LIMITED ,MUMBAI vs. PRINCIPAL COMMISSIONER OF TAX -1, MUMBAI

In the result, the grounds of appeal raised by assessee are allowed

ITA 3363/MUM/2025[2020-21]Status: DisposedITAT Mumbai31 Oct 2025AY 2020-21

Bench: Shri Pawan Singh& Smt. Renu Jauhri

Section 143Section 143(3)Section 254(1)Section 263

…nsurance whereby not only do the provisions of sections 28 to 438 not apply, but even the computation provisions under other heads of income do not apply. 4.2 The Learned PCIT has erred in ignoring the decision of Hon'ble Supreme Court in case of LIC vs CIT [51 ITR 773] and Hon'ble High Court of Bombay in the case of LIC V. CIT [1978] 115 ITR 45 (Bom) wherein it is held that assessment of the profits of an insurance companies is completely governed by the rules under the schedules and that the AO has no power to make adjustment once the provisions of section 44 are invoked. 4.3 The Learned PCIT has erred in not…

DY. COMMISSIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the Revenue's appeal for the

ITA 4247/MUM/2023[2020-2021]Status: DisposedITAT Mumbai05 May 2025AY 2020-2021
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

DY. COMMISIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE CO. LTD., MUMBAI

In the result, the Revenue's appeal for the

ITA 4208/MUM/2023[2018]Status: DisposedITAT Mumbai05 May 2025
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

DY. COMMISSIONER OF INCOME TAX, MUMBAI, INCOME TAX DEPARTMENT, DCIT vs. SBI LIFE INSURANCE COMPANY LTD.,, MUMBAI

In the result, the Revenue's appeal for the

ITA 4185/MUM/2023[2019]Status: DisposedITAT Mumbai05 May 2025
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

ITA 1428/MUM/2023[2017-18]Status: DisposedITAT Mumbai05 May 2025AY 2017-18
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

ITA 1427/MUM/2023[2016-17]Status: DisposedITAT Mumbai05 May 2025AY 2016-17
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

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

In the result, the Revenue's appeal for the

ITA 1392/MUM/2023[2015-16]Status: DisposedITAT Mumbai05 May 2025AY 2015-16
For Appellant: Shri Farooq IraniFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10Section 10(34)Section 14ASection 250Section 44

…r attention to the another decisions of\nthe Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance\nLtd vide ITA No.2551/M/2010; ii) HDFC Standard Life Insurance Company Ltd\ns. DCIT vide ITA No.2203/Mum/2012 (para 2.5); iii) LIC vs. CIT, 51 ITR 773\nand many others to strengthen the above views. In this regard, Ld. Counsel\nfiled a composite chart involving the grounds of all the appeals of the assessee\nas well as the revenue and, for consolidated adjudication of the common\ngrounds, he mentioned that ground no.1, 2, 3 and 4 for the A Ys 2003-04;\n2004-05 and 2005-06 and grounds no.1 and 2…

DCIT, MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

ITA 3003/MUM/2024[2021-22]Status: DisposedITAT Mumbai04 Dec 2024AY 2021-22
For Appellant: Ms. Arati VissanjiFor Respondent: Ms. Madhu Malati Ghosh
Section 10Section 10(15)Section 10(34)Section 143(3)Section 144BSection 14ASection 28Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL "C" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 2384/MUM/2024 (Assessment Year: 2020-21) ITA No.3003/MUM/2024 (Assessment Year: 2021-22) Deputy Commissioner of Income Tax, Central Circle 6(2), Mumbai Room No.450, 4th Floor, Kautiliya Bhawan, BKC, Mumbai – 400051, Maharashtra. Appellant Vs ICICI Prudential Life Insurance Limited ICICI Prulife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai- 400025, Maharashtra. [PAN: AAAC1735IP] Respondent Appearance For the Appellant/Department : Ms. Madhu Malati Ghosh For the Resp…

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI., MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

ITA 2384/MUM/2024[2020-21]Status: DisposedITAT Mumbai04 Dec 2024AY 2020-21
Section 10Section 10(15)Section 10(34)Section 143(3)Section 144BSection 14ASection 28Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL "C" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 2384/MUM/2024 (Assessment Year: 2020-21) ITA No.3003/MUM/2024 (Assessment Year: 2021-22) Deputy Commissioner of Income Tax, Central Circle 6(2), Mumbai Appellant Vs ICICI Prudential Life Insurance Limited Respondent Appearance For the Appellant/Department Ms. Madhu Malati Ghosh For the Respondent/Assessee Ms. Arati Vissanji Date Conclusion of hearing 05.09.2024 Pronouncement of order .12.2024 ORDER Per Rahul Chaudhary, Judicial Member: 1. These are two appeals preferred by the…

DCIT, PUNE vs. BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED, PUNE

In the result, both the appeals filed by the Revenue are dismissed

ITA 654/PUN/2024[2018-19]Status: DisposedITAT Pune29 Oct 2024AY 2018-19

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Percy Pardiwalla &For Respondent: Shri P R Mane
Section 10(15)Section 10(34)Section 143(1)Section 143(2)Section 14ASection 44

…all be computed considering the surplus/deficit arrived at after making the adjustments prescribed under the said Rule to the surplus/deficit as disclosed by actuarial valuation. The Hon’ble Supreme Court in the case of Life Insurance Corpn. of India vs. CIT, 51 ITR 773 (SC) had laid down that in computation of profits and gains of the insurance company, the Assessing Officer has to accept the surplus/deficit as disclosed by actuarial valuation and the Assessing Officer company. The Assessing Officer has no power to tamper with account of the assessee engaged in life insurance business. The ratio of this judgemen…

DCIT, PUNE vs. BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED, PUNE

In the result, both the appeals filed by the Revenue are dismissed

ITA 653/PUN/2024[2016-17]Status: DisposedITAT Pune29 Oct 2024AY 2016-17

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Percy Pardiwalla &For Respondent: Shri P R Mane
Section 10(15)Section 10(34)Section 143(1)Section 143(2)Section 14ASection 44

…all be computed considering the surplus/deficit arrived at after making the adjustments prescribed under the said Rule to the surplus/deficit as disclosed by actuarial valuation. The Hon’ble Supreme Court in the case of Life Insurance Corpn. of India vs. CIT, 51 ITR 773 (SC) had laid down that in computation of profits and gains of the insurance company, the Assessing Officer has to accept the surplus/deficit as disclosed by actuarial valuation and the Assessing Officer company. The Assessing Officer has no power to tamper with account of the assessee engaged in life insurance business. The ratio of this judgemen…

ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI vs. HDFC LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

ITA 2716/MUM/2023[2019-20]Status: DisposedITAT Mumbai29 Oct 2024AY 2019-20

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailacit – 1(1)(1) 597, Aayakar Bhavan, Mk Road, Mumbai Maharashtra–400020……………. Appellant

For Appellant: Shri Ms. Aarti VissanjiFor Respondent: Shri Manoj Kumar Sinha, Sr. AR
Section 10Section 144Section 250Section 28Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ACIT – 1(1)(1) 597, Aayakar Bhavan, MK Road, Mumbai Maharashtra–400020……………. Appellant v/s HDFC Life Insurance Company Ltd., 13th Floor, Lodha Excelus Apollo Mills Compound N.M Joshi Marg, Jacob Circle, Mumbai – 400011. Maharashtra - 400011 PAN: AAACH8755L……………. Respondent CO.No. 22/MUM/2024 (Assessment Year :2019–20) HDFC Life Insurance Company Ltd., 13th Floor, Lodha Excelus Apollo Mills Compound N.M Joshi Marg, Jacob Circle, Mumbai – 400011. ……………. Cross Objector M…

DCIT-CC-5(3), MUMBAI, AIR INDIA, NARIMAN POINT vs. ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, appeal of the assessee is partly allowed for statistical purposes and that of the revenue is dismissed

ITA 3044/MUM/2024[2021-22]Status: DisposedITAT Mumbai28 Oct 2024AY 2021-22

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2021-22 Aditya Birla Sunlife Insurance Commissioner Of Income Tax Company Ltd., (A) – 54, 16Th Floor, Tower 1, One World Mumbai Vs. Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (Pan : Aabcb4623J) (Appellant) (Respondent) Assessment Year: 2021-22 Deputy Commissioner Of Income Aditya Birla Sunlife Tax – Central Circle – 5(3), Insurance Company Ltd., Mumbai 16Th Floor, Tower 1, One Vs. World Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (Pan : Aabcb4623J) (Appellant) (Respondent) Present For: Assessee : Shri Ronak Doshi, Ca Revenue : Shri Ajay Chandra, Cit Dr

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri Ajay Chandra, CIT DR
Section 10Section 143(3)Section 14ASection 234ASection 234BSection 37(1)Section 44Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2021-22 Aditya Birla Sunlife Insurance Commissioner of Income Tax Company Ltd., (A) – 54, 16th Floor, Tower 1, One World Mumbai Vs. Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (PAN : AABCB4623J) (Appellant) (Respondent) Assessment Year: 2021-22 Deputy Commissioner of Income Aditya Birla Sunlife Tax – Central Circle – 5(3), Insurance Company Ltd., Mumbai 16th Floor, Tower 1, One Vs. World Centre, 841, Senapati Bapat Marg, Elphinst…

ADITYA BIRLA SUNLIFE INSURANCE COMPANY LIMITED,MUMBAI vs. CIT (A) 54, MUMBAI

In the result, appeal of the assessee is partly allowed for statistical purposes and that of the revenue is dismissed

ITA 1828/MUM/2024[2021-22]Status: DisposedITAT Mumbai28 Oct 2024AY 2021-22

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2021-22 Aditya Birla Sunlife Insurance Commissioner Of Income Tax Company Ltd., (A) – 54, 16Th Floor, Tower 1, One World Mumbai Vs. Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (Pan : Aabcb4623J) (Appellant) (Respondent) Assessment Year: 2021-22 Deputy Commissioner Of Income Aditya Birla Sunlife Tax – Central Circle – 5(3), Insurance Company Ltd., Mumbai 16Th Floor, Tower 1, One Vs. World Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (Pan : Aabcb4623J) (Appellant) (Respondent) Present For: Assessee : Shri Ronak Doshi, Ca Revenue : Shri Ajay Chandra, Cit Dr

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri Ajay Chandra, CIT DR
Section 10Section 143(3)Section 14ASection 234ASection 234BSection 37(1)Section 44Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2021-22 Aditya Birla Sunlife Insurance Commissioner of Income Tax Company Ltd., (A) – 54, 16th Floor, Tower 1, One World Mumbai Vs. Centre, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 (PAN : AABCB4623J) (Appellant) (Respondent) Assessment Year: 2021-22 Deputy Commissioner of Income Aditya Birla Sunlife Tax – Central Circle – 5(3), Insurance Company Ltd., Mumbai 16th Floor, Tower 1, One Vs. World Centre, 841, Senapati Bapat Marg, Elphinst…

ACIT-1(1)(1), MUMBAI vs. HDFC LIFE INUSRANCE COMPANY LIMITED , MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1848/MUM/2023[2018-2019]Status: DisposedITAT Mumbai01 Nov 2023AY 2018-2019

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

…1 ITsA1775 & 1848/Mum/2023 HDFC Life Insurance Co Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”,MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND MS. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.1775/Mum/2023 - A.Y. 2017-18 I.T.A. No.1848/Mum/2023 - A.Y. 2018-19 ACIT-1(1)(1), 579, Aayakar Bhavan vs HDFC Life Insurance Company Limited, 13th Floor, Lodha Excelus, M.K. Road, Mumbai-400 020 Apollo Mills Compound, Joshi Marg, Mahalaxmi, Mumbai-400 011 PAN : AAACH8755L APPELLANT RESPONDENT C.O. Nos.75 & 76/Mum/2023 (Arising out of I.T.A. Nos.1775 & 1848/Mum/2023) (Assessment years, 2017-18 & 2018-19) H…

ACIT 1(1)(1), MUMBAI vs. M/S HDFC STANDARD LIFE INSURANCE CO. LTD (NOW KNOWN AS HDFC LIFE INSURANCE CO LTD.), MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1775/MUM/2023[2017-18]Status: DisposedITAT Mumbai01 Nov 2023AY 2017-18

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

…1 ITsA1775 & 1848/Mum/2023 HDFC Life Insurance Co Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”,MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND MS. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.1775/Mum/2023 - A.Y. 2017-18 I.T.A. No.1848/Mum/2023 - A.Y. 2018-19 ACIT-1(1)(1), 579, Aayakar Bhavan vs HDFC Life Insurance Company Limited, 13th Floor, Lodha Excelus, M.K. Road, Mumbai-400 020 Apollo Mills Compound, Joshi Marg, Mahalaxmi, Mumbai-400 011 PAN : AAACH8755L APPELLANT RESPONDENT C.O. Nos.75 & 76/Mum/2023 (Arising out of I.T.A. Nos.1775 & 1848/Mum/2023) (Assessment years, 2017-18 & 2018-19) H…

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

ITA 1074/MUM/2022[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13
For Appellant: Shri Anish Thacker &
Section 143(3)Section 199Section 44

…n the preceding as well as succeeding assessment years have been deleted by the Tribunal by following the judgment of the Hon‘ble Supreme Court and the Hon‘ble Bombay High Court. 13. We note that Apex Court has, in the case of the Assessee reported in [1964] 51 ITR 773, held that the Assessing Officer has no power to modify the accounts after Actuarial valuation is done. We have also gone through the judgment of the Hon‘ble Bombay High Court [Income Tax Appeal No. 1759 of 2013, 116 of 2014 and 2162 of 2013, dated 15.09.2105] placed at page 166-169 of the legal paper book wherein appeal preferred by the Revenue o…

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

Appeal is dismissed

ITA 2716/MUM/2022[2017-18]Status: DisposedITAT Mumbai22 Dec 2022AY 2017-18

Bench: Shri Kuldip Singh () & Shri Gagan Goyal ()

Section 10Section 143(3)Section 44

…valuation and further held that income from shareholders account was also to be taxed as a part of life insurance_business, there was no substantial question of law arising for consideration". Reference was made to the decision in LIC of India vs. CIT (1964) 51 ITR 773, wherein the Hon'ble Supreme Court has held that the Assessing Officer has no power to modify the account after actuarial valuation is done. The issues in 1st, 2nd & 3rd ground of appeal in the instant case are squarely covered by the above judgement. Respectfully following the same, we dismiss 1st, 2nd & 3rd ground of appeal filed by the revenue…

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