LIC of India v. CIT

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

In the result appeal for AY 2014-15 filed by ld

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House Off Cst Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House Off Cst Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Bldg., (Annexe0, Vs. Edelweiss House Off Cst M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) 3 Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Pan No. Aacce2709H Assessee By : Shri. Ravikant Pathak Revenue By : Shri. Suresh Periasamy, (Cit Dr) Date Of Hearing: 11.10.2022. Date Of Pronouncement: 31.10.2022. O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House off CST Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House off CST Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9t…

Dy Commissioner of Income Tax Central Circle-1(1), Mumbai vs. M/S Edelweiss Tokio Life Insurance Limited, Mumbai

In the result appeal for AY 2014-15 filed by ld

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House Off Cst Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House Off Cst Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Bldg., (Annexe0, Vs. Edelweiss House Off Cst M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) 3 Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Pan No. Aacce2709H Assessee By : Shri. Ravikant Pathak Revenue By : Shri. Suresh Periasamy, (Cit Dr) Date Of Hearing: 11.10.2022. Date Of Pronouncement: 31.10.2022. O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House off CST Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House off CST Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9t…

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

In the result appeal for AY 2014-15 filed by ld

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House Off Cst Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House Off Cst Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Bldg., (Annexe0, Vs. Edelweiss House Off Cst M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) 3 Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Pan No. Aacce2709H Assessee By : Shri. Ravikant Pathak Revenue By : Shri. Suresh Periasamy, (Cit Dr) Date Of Hearing: 11.10.2022. Date Of Pronouncement: 31.10.2022. O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House off CST Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House off CST Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9t…

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

In the result appeal for AY 2014-15 filed by ld

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House Off Cst Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House Off Cst Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Bldg., (Annexe0, Vs. Edelweiss House Off Cst M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) 3 Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Pan No. Aacce2709H Assessee By : Shri. Ravikant Pathak Revenue By : Shri. Suresh Periasamy, (Cit Dr) Date Of Hearing: 11.10.2022. Date Of Pronouncement: 31.10.2022. O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House off CST Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House off CST Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9t…

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

In the result appeal for AY 2014-15 filed by ld

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House Off Cst Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House Off Cst Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Bldg., (Annexe0, Vs. Edelweiss House Off Cst M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) 3 Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life Dcit-Cc1(1), 9Th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old Vs. Edelweiss House Off Cst C.G.O. Bldg.,(Annexe0, M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(E), Mumbai-400 098 (Appellant) (Respondent) Pan No. Aacce2709H Assessee By : Shri. Ravikant Pathak Revenue By : Shri. Suresh Periasamy, (Cit Dr) Date Of Hearing: 11.10.2022. Date Of Pronouncement: 31.10.2022. O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratishtha Bhavan, Old C.G.O. Bldg.,(Annexe0, Edelweiss House off CST Vs. M.K.Road, Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9th Floor, 905, Insurance Ltd. Pratistha Bhavan, Old C.G.O. Edelweiss House off CST Bldg., (Annexe0, M.K.Road, Vs. Mumbai-400 020 Rd, Kalina, Santacruz(e), Mumbai-400 098 (Appellant) (Respondent) Edelweiss Tokio Life DCIT-CC1(1), 9t…

Tata Aia Life Insurance Company Limited, Mumbai vs. Principle Comm. of Income Tax, Rane-8, Mumbai

In the result, appeal of the assessee is allowed

…Insurance Company Thus, in effect, section 44 comprehensively deals with the taxation of profits of any business of insurance. Section 44 exhausts all the income of an insurance company (vii). In the case of Life Insurance Corporation of India v. CIT [1964] 51 ITR 773 (SC), at page 788, the Supreme Court observed as follows "It is clear that the Income-tax Act contemplates that the assessment of insurance companies should be carried out not according to the ordinary principles applicable to business concerns as laid down in section 10, but in quite a different manner. Insurance companies do not compute their pr…

Life Insurance Corporation of India, Mumbai vs. Dy.Commissioner of Income Tax-3(2)(1), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

…pointed actuary which was as per the requirements of Insurance Act and IRDA regulations which are sacrosanct and the same was even accepted by IRDA to whom various statements, including Form I was submitted and also by the Hon'ble Supreme Court in own case in 51 ITR 773 (SC) and therefore the learned AO has erred in tampering with the same. 14. should have appreciated that negative reserves is nothing but present value of future surplus (ie present value of all future receipts less present value of all future liabilities) and thereby the same should never be regarded as surplus of current year for taxation and he…

ACIT-3(2)(1), Mumbai vs. M/S Life Insurance Corporation of India, Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

…pointed actuary which was as per the requirements of Insurance Act and IRDA regulations which are sacrosanct and the same was even accepted by IRDA to whom various statements, including Form I was submitted and also by the Hon'ble Supreme Court in own case in 51 ITR 773 (SC) and therefore the learned AO has erred in tampering with the same. 14. should have appreciated that negative reserves is nothing but present value of future surplus (ie present value of all future receipts less present value of all future liabilities) and thereby the same should never be regarded as surplus of current year for taxation and he…

Life Insurance Corporation of India, Mumbai vs. Dy.Commissioner of Income Tax-3(2)(1), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…pointed actuary which was as per the requirements of Insurance Act and IRDA regulations which are sacrosanct and the same was even accepted by IRDA to whom various statements, including Form I was submitted and also by the Hon'ble Supreme Court in own case in 51 ITR 773 (SC) and therefore the learned AO has erred in tampering with the same. 14. should have appreciated that negative reserves is nothing but present value of future surplus (ie. present value of all future receipts less present value of all future liabilities) and thereby the same should never be regarded as surplus of current year for taxation and h…

Life Insurance Corporation of India, Mumbai vs. Dy.Commissioner of Income Tax-3(2)(1), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…pointed actuary which was as per the requirements of Insurance Act and IRDA regulations which are sacrosanct and the same was even accepted by IRDA to whom various statements, including Form I was submitted and also by the Hon'ble Supreme Court in own case in 51 ITR 773 (SC) and therefore the learned AO has erred in tampering with the same. 14. should have appreciated that negative reserves is nothing but present value of future surplus (ie. present value of all future receipts less present value of all future liabilities) and thereby the same should never be regarded as surplus of current year for taxation and h…

Life Insurance Corporation of India, Mumbai vs. Dy.Commissioner of Income Tax-3(2)(1), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…pointed actuary which was as per the requirements of Insurance Act and IRDA regulations which are sacrosanct and the same was even accepted by IRDA to whom various statements, including Form I was submitted and also by the Hon'ble Supreme Court in own case in 51 ITR 773 (SC) and therefore the learned AO has erred in tampering with the same. 14. should have appreciated that negative reserves is nothing but present value of future surplus (ie. present value of all future receipts less present value of all future liabilities) and thereby the same should never be regarded as surplus of current year for taxation and h…

Life Insurance Corporation of India, Mumbai vs. ACIT 3(2)(1), Mumbai

In the result, appeal of the assessee is dismissed

Bench: Shri Pramod Kumar, Vice- & Shri Vikas Awasthyआअसं.2908/मुं/2019 ("न.व .2015-16) The Acit 3(2)(1), Room No.674, 6Th Floor, Aaykar Bhavan, M.K.Road, ...... अपीलाथ" /Appellant Mumbai – 400 020 बनाम Vs. Life Insurance Corporation Of India, Central Office, Yogakshema Jeevan Bima Marg, Nariman Point, Mumbai 400 005. Pan: Aaacl-0582-H ..... ""तवाद"/Respondent आअसं. 3403/मुं/2019 ("न. व .2015-16) Life Insurance Corporation Of India, Central Office, Yogakshema Jeevan Bima Marg, Nariman Point, Mumbai 400 005. ...... अपीलाथ" /Appellant Pan: Aaacl-0582-H बनाम Vs. The Acit 3(2)(1), Room No.674, 6Th Floor, Aaykar Bhavan, M.K.Road, ..... ""तवाद"/Respondent Mumbai – 400 02

…ome Tax Appeal No.711 of 2013 for Assessment year 2006-07 was dismissed on 20th July 2015 by this Court. This inter alia on the ground that the issue stands covered in favour of the respondent –assessee by the decision of the Apex Court in LIC of India vs CIT 51 ITR 773 wherein it has inter alia been held that the Assessing Officer had no power to modify its accounts after Actuarial valuation is done. Accordingly, question (B) also does not give rise to any substantial question of law. Hence, dismissed.” Similar addition was made in respect of negative reserve in assessment year 2011-12. The CIT(A) deleted the a…

ACIT 3(2)(1), Mumbai vs. Life Insurance Corporation of India, Mumbai

In the result, appeal of the assessee is dismissed

Bench: Shri Pramod Kumar, Vice- & Shri Vikas Awasthyआअसं.2908/मुं/2019 ("न.व .2015-16) The Acit 3(2)(1), Room No.674, 6Th Floor, Aaykar Bhavan, M.K.Road, ...... अपीलाथ" /Appellant Mumbai – 400 020 बनाम Vs. Life Insurance Corporation Of India, Central Office, Yogakshema Jeevan Bima Marg, Nariman Point, Mumbai 400 005. Pan: Aaacl-0582-H ..... ""तवाद"/Respondent आअसं. 3403/मुं/2019 ("न. व .2015-16) Life Insurance Corporation Of India, Central Office, Yogakshema Jeevan Bima Marg, Nariman Point, Mumbai 400 005. ...... अपीलाथ" /Appellant Pan: Aaacl-0582-H बनाम Vs. The Acit 3(2)(1), Room No.674, 6Th Floor, Aaykar Bhavan, M.K.Road, ..... ""तवाद"/Respondent Mumbai – 400 02

…ome Tax Appeal No.711 of 2013 for Assessment year 2006-07 was dismissed on 20th July 2015 by this Court. This inter alia on the ground that the issue stands covered in favour of the respondent –assessee by the decision of the Apex Court in LIC of India vs CIT 51 ITR 773 wherein it has inter alia been held that the Assessing Officer had no power to modify its accounts after Actuarial valuation is done. Accordingly, question (B) also does not give rise to any substantial question of law. Hence, dismissed.” Similar addition was made in respect of negative reserve in assessment year 2011-12. The CIT(A) deleted the a…

Dy. CIT-9(3)(2), Mumbai vs. M/S Future Generali India Life Insurance Company Ltd., Mumbai

In the result the revenue appeal is dismissed

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadaledcit – 9(3)(2) Vs. M/S. Future Generali Room No. 418, 4Th Ind Life Insurance Co. Floor, Aayakar Bhavan, Ltd., Churchgate, Mumbai – 6Th Floor, Tower – 3, 400020. India Bulls Finance Centre, Senapati Bapat Marg, Elphinston Road, Mumbai - 400013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcf0190Q Appellant .. Respondent Appellant By : Shri S.N Kabra, Cit Dr Respondent By : Ms. Dinkle Hariya, Ar Date Of Hearing 30.09.2021 Date Of Pronouncement 06.10.2021 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-16, Mumbai Passed U/S 143(3) & 250 Of The Income Tax Act, 1961. The Revenue Has Raised The Following Grounds Of Appeal:

…/s Future Generali India Life Insurance Co. Ltd.,, Mumbai 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 isty, 2nd & 3rd ground of appeal filed by the revenue…

ACIT Cir. 12(1)(2), Mumbai vs. Bharti Axa Life Insurance Company Ltd., Mumbai

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

…/2019 & CO No.63/Mum/2020 M/s. Bharti Axa Life Insurance Company Ltd., Life Insurance Company Limited reported in 2010-TIOL-535-ITAT-MUM , wherein, relying on the decision of Hon‟ble Supreme Court in the case of Life Insurance Corporation of India Limited in 51 ITR 773 , it was interalia held that software expenses claimed by the assessee cannot be disallowed in the light of the special provisions having non obstante clause governing the insurance sector. 4.2. The original assessment was completed u/s 143(3) read with section 144C(3) of the Act on 30.12.2010 determining total loss at Rs. 73,28,08,306/- after ma…

ACIT Circle-3(1)(2), Mumbai vs. Export Credit Guarantee Corporation of India Ltd., Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

…rance Act are binding on the Assessing Officer under the Income-tax Act and he has no general power to correct the errors in the accounts of an insurance business and undo the entries made therein." XXXXX In Life Insurance Corporation of India v. CIT (1964) 51 ITR 773 (SC), their Lordships were dealing the pari materia provisions contained in the Indian Income-tax Act, 1922. The court analysed the Scheme underlying the relevant provisions of the Insurance Act, 1938, and the Indian Income-tax Act, 1922, and held that where the accounts of an insurance company engaged in insurance business are required to be subm…

Ecgc Limited, Mumbai vs. DCIT - Circle-3(1)(2), Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

…rance Act are binding on the Assessing Officer under the Income-tax Act and he has no general power to correct the errors in the accounts of an insurance business and undo the entries made therein." XXXXX In Life Insurance Corporation of India v. CIT (1964) 51 ITR 773 (SC), their Lordships were dealing the pari materia provisions contained in the Indian Income-tax Act, 1922. The court analysed the Scheme underlying the relevant provisions of the Insurance Act, 1938, and the Indian Income-tax Act, 1922, and held that where the accounts of an insurance company engaged in insurance business are required to be subm…

DCIT - 9(3)(2), Mumbai vs. Future Generali India Life Insurance Ltd., Mumbai

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

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2014-15 Dy. Cit-9(3)(2), M/S Future Generali India Life Room No. 418, 4Th Floor, Insurance Company Ltd., 6Th Floor, Vs. Aayakar Bhavan, Tower-3, India Bulls Finance Churchgate, Mumbai. Centre, Senapati Bapat Marg, Elphinston Road, Mumbai-400013. Pan No. Aabcf0190Q Appellant Respondent

…l 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 madeto 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…

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

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

Bench: Shri Ramit Kochar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3385/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit 1(3)(1) बिधम/ M/S. Sbi Life Insurance Co. Room No. 540, 5Th Floor, Ltd. Vs. Natraj, 5Th Floor, M.V. Road Aayakar Bhawan, M.K. Road, Mumbai-400020. & Western Express Highway Junction (E), Andheri (E), Mumbai- 400059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aafcs2530P (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Dr. Narender Kumar & Chaudhary Arun Kumar Singh Assessee By: Shri Farrokh V. Irani/Amruta Lele सुनवाई की तारीख / Date Of Hearing: 25/07/2019 घोषणा की तारीख /Date Of Pronouncement: 29/08/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2017 Passed By The Commissioner Of Income Tax (Appeals) -6, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Revenue Has Raised The Following Grounds: - A.Y.2012-13

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI RAMIT KOCHAR, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3385/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) DCIT 1(3)(1) बिधम/ M/s. SBI Life Insurance Co. Room No. 540, 5th Floor, Ltd. Vs. Natraj, 5th Floor, M.V. Road Aayakar Bhawan, M.K. Road, Mumbai-400020. and Western Express Highway Junction (E), Andheri (E), Mumbai- 400059 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAFCS2530P (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Dr. Narender Kumar & Chaudhary Arun Kumar Singh Assessee by: Shri Farrokh V. Irani/Amruta Lel…