LIC of India v. CIT

51 ITR 773Supreme Court of India1964#1767 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 366,005 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

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

ITA 4200/MUM/2018[2013-14]Status: DisposedITAT Mumbai30 Jul 2019AY 2013-14

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

For Appellant: Shri Niraj Sheth (AR)For Respondent: Shri Anadi Varma (CIT DR)
Section 10Section 10(34)Section 143Section 14ASection 44

…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…

Idbi Federal Life Insurance Co. Ltd, Mumbai vs. DCIT Cir 6(3)(1), Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are allowed in term of the above

ITA 1045/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 Jul 2019AY 2013-14

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Manoj Kumar Singh, DRFor Respondent: Ms. Aarati Vissanji, AR
Section 10(34)Section 143(3)Section 44

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर ससिंह, न्याययक सदस्य एविं श्री मनोज कुमार अग्रवाल, लेखा सदस्य के समक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITAs No. 70 & 71/Mum/2018 (inaQa-arNa baYa- / Assessment Years 2012-13 & 2013-14) Aayakr ApIla saM./ ITA No. 6948/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2014-15) The Dy. Commissioner of IDBI Federal Life Insurance Income Tax, Company P. Ltd. Cir.6(3)(1),R.No.506, 5th Floor, 1st Flr.Tradeview, Oasis Vs. Aaykar Bhavan, MK Road, Complex, Kamala City…

Idbi Federal Life Insurance Co. Ltd, Mumbai vs. DCIT Cir 6(3)(1), Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are allowed in term of the above

ITA 6970/MUM/2017[2014-15]Status: DisposedITAT Mumbai24 Jul 2019AY 2014-15

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Manoj Kumar Singh, DRFor Respondent: Ms. Aarati Vissanji, AR
Section 10(34)Section 143(3)Section 44

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर ससिंह, न्याययक सदस्य एविं श्री मनोज कुमार अग्रवाल, लेखा सदस्य के समक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITAs No. 70 & 71/Mum/2018 (inaQa-arNa baYa- / Assessment Years 2012-13 & 2013-14) Aayakr ApIla saM./ ITA No. 6948/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2014-15) The Dy. Commissioner of IDBI Federal Life Insurance Income Tax, Company P. Ltd. Cir.6(3)(1),R.No.506, 5th Floor, 1st Flr.Tradeview, Oasis Vs. Aaykar Bhavan, MK Road, Complex, Kamala City…

DCIT Cir 6(3)(1), Mumbai vs. Idbi Federal Life Insurance Co. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are allowed in term of the above

ITA 6948/MUM/2017[2014-15]Status: DisposedITAT Mumbai24 Jul 2019AY 2014-15

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Manoj Kumar Singh, DRFor Respondent: Ms. Aarati Vissanji, AR
Section 10(34)Section 143(3)Section 44

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर ससिंह, न्याययक सदस्य एविं श्री मनोज कुमार अग्रवाल, लेखा सदस्य के समक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITAs No. 70 & 71/Mum/2018 (inaQa-arNa baYa- / Assessment Years 2012-13 & 2013-14) Aayakr ApIla saM./ ITA No. 6948/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2014-15) The Dy. Commissioner of IDBI Federal Life Insurance Income Tax, Company P. Ltd. Cir.6(3)(1),R.No.506, 5th Floor, 1st Flr.Tradeview, Oasis Vs. Aaykar Bhavan, MK Road, Complex, Kamala City…

DCIT Cir 6(3)(1), Mumbai vs. Idbi Federal Life Insurance Co. Pvt. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are allowed in term of the above

ITA 71/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 Jul 2019AY 2013-14

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Manoj Kumar Singh, DRFor Respondent: Ms. Aarati Vissanji, AR
Section 10(34)Section 143(3)Section 44

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर ससिंह, न्याययक सदस्य एविं श्री मनोज कुमार अग्रवाल, लेखा सदस्य के समक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITAs No. 70 & 71/Mum/2018 (inaQa-arNa baYa- / Assessment Years 2012-13 & 2013-14) Aayakr ApIla saM./ ITA No. 6948/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2014-15) The Dy. Commissioner of IDBI Federal Life Insurance Income Tax, Company P. Ltd. Cir.6(3)(1),R.No.506, 5th Floor, 1st Flr.Tradeview, Oasis Vs. Aaykar Bhavan, MK Road, Complex, Kamala City…

DCIT Cir 6(3)(1), Mumbai vs. Idbi Federal Life Insurance Co. Pvt. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are allowed in term of the above

ITA 70/MUM/2018[2012-13]Status: DisposedITAT Mumbai24 Jul 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Manoj Kumar Singh, DRFor Respondent: Ms. Aarati Vissanji, AR
Section 10(34)Section 143(3)Section 44

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर ससिंह, न्याययक सदस्य एविं श्री मनोज कुमार अग्रवाल, लेखा सदस्य के समक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITAs No. 70 & 71/Mum/2018 (inaQa-arNa baYa- / Assessment Years 2012-13 & 2013-14) Aayakr ApIla saM./ ITA No. 6948/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2014-15) The Dy. Commissioner of IDBI Federal Life Insurance Income Tax, Company P. Ltd. Cir.6(3)(1),R.No.506, 5th Floor, 1st Flr.Tradeview, Oasis Vs. Aaykar Bhavan, MK Road, Complex, Kamala City…

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

ITA 2322/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 May 2019AY 2013-14

Bench: Hon’Ble Sh. Sandeep Gosain, Jm & Hon’Ble Sh. N. K. Pradhan, Am आयकरअपीलसं./ I.T.A. No. 2322/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2013-14) In The Matter Of:

For Appellant: Shri Rajeev GubgotraFor Respondent: Ms. Dinkle Haria, AR
Section 10Section 44

…o.2322/Mum/2018 M/s Future Generali India Life Insurance Co. Ltd. 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. 6. After having heard the counsels at length and after having gone through order of ITAT as mentioned above in assessee’s own case, we find that the identical issue has already been decided by the Hon’ble IT…

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

In the result, Revenue’s appeals are dismissed

ITA 2836/MUM/2017[2009-10]Status: DisposedITAT Mumbai31 Aug 2018AY 2009-10

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwaldy. Commissioner Of Income Tax ……………. Appellant Circle–9(3)(2), Mumbai V/S Future Generali India Life Insurance Ltd. Knowledge House, Shayam Nagar ……………. Respondent Off. Jogeshwari Vikhroli Link Road Jogeshwari (E), Mumbai 400 060 Pan – Aabcf0190Q Dy. Commissioner Of Income Tax ……………. Appellant Circle–9(3)(2), Mumbai V/S Future Generali India Life Insurance Ltd. Knowledge House, Shayam Nagar ……………. Respondent Off. Jogeshwari Vikhroli Link Road Jogeshwari (E), Mumbai 400 060 Pan – Aabcf0190Q Revenue By : Shri Abhijit Patankar Assessee By : Shri Dinkle Hariya

For Appellant: Shri Dinkle HariyaFor Respondent: Shri Abhijit Patankar
Section 10Section 28Section 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.…

DCIT - 14(3)(2), Mumbai vs. Star Union Dai-Ichi Life Insurance Co. Ltd., Mumbai

In the result, appeal filed by the revenue for assessment year 2011-2012

ITA 2790/MUM/2016[2011-12]Status: DisposedITAT Mumbai10 Aug 2018AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12 The Dcit-14(3)(2), M/S Star Union Dai-Ichi Life 455, Aayakar Bhavan, Insurance Co. Ltd., 4Th Floor, M.K. Marg, Star House, W-Wing, Mumbai - 400020 Vs. Bandra Kurla Complex, Bandra (East), Mumbai - 400051 Pan: Aalcs3949Q (Appellant) (Respondent) Revenue By : Shri Manjunatha Swamy (Cit Dr) Assessee By : Shri Shailesh S. Shah (Ar) Date Of Hearing: 14/05/2018 Date Of Pronouncement: 10/08/2018

For Appellant: Shri Shailesh S. Shah (AR)For Respondent: Shri Manjunatha Swamy (CIT DR)
Section 13Section 143Section 44

…governed by the rule in scheduled to the Income Tax Act and the provisions do not leave any scope for making addition or deletion to surplus. The AR relying on the judgment of the Hon’ble Supreme Court in Life Corporation of India Vs. CIT Delhi and Rajasthan 51 ITR 773, submitted that the Assessing Officer has wrongly held that the issue of negative reserve to be taken as zero is specific to the situations mentioned in the regulation and his action in adding negative surplus to the surplus of actual valuation of Life Insurance business of the assessee company is contrary to the provisions of section 44 and first…

DCIT 14(3)(2), Mumbai vs. Star Union Dai-Ichi Life Insurance Co.Ltd, Mumbai

In the result, the appeal is dismissed

ITA 946/MUM/2017[2012-13]Status: DisposedITAT Mumbai11 Jul 2018AY 2012-13

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2012-13 Dcit-14(3)(2), Mumbai M/S Star Union Dai- 455, Aayakar Bhavan, 4Th Ichi Life Insurance Co. Vs. Floor, M.K. Marg, Mumbai- Ltd. C-5, G Block, Star 400020. House, 3Rd Floor, Bandra Kurla Complex, Bandra (E), Mumbai- 400051. Pan No. Aalcs3949Q Appellant Respondent Revenue By : Mr. Ajit K. Srivastav, Dr Assessee By : Mr. Shailesh S. Shah Date Of Hearing : 04/07/2018 Date Of Pronouncement : 11/07/2018

For Appellant: Mr. Shailesh S. ShahFor Respondent: Mr. Ajit K. Srivastav, DR
Section 13Section 143(3)Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J” MUMBAI BEFORE SHRI JOGINDER SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 DCIT-14(3)(2), Mumbai M/s Star Union Dai- 455, Aayakar Bhavan, 4th ichi Life Insurance Co. Vs. Floor, M.K. Marg, Mumbai- Ltd. C-5, G Block, Star 400020. House, 3rd floor, Bandra Kurla Complex, Bandra (E), Mumbai- 400051. PAN No. AALCS3949Q Appellant Respondent Revenue by : Mr. Ajit K. Srivastav, DR Assessee by : Mr. Shailesh S. Shah Date of Hearing : 04/07/2018 Date of pronouncement : 11/07/2018 ORDER PER N.K. PRADHAN, AM This is an appeal…

ACIT (Ltu), New Delhi vs. Max New York Life Insurance Company Ltd., New Delhi

In the result, the appeal is allowed for statistical purposes

ITA 1768/DEL/2011[2002-03]Status: DisposedITAT Delhi17 Oct 2017AY 2002-03

Bench: Shri R.S. Syal & Shri Sudhanshu Srivastavaassessment Year : 2002-03

For Appellant: Shri M.S. Syali, Sr. Advocate &For Respondent: Shri Amrendra Kumar, CIT, DR

…Act and the international transaction concerns with such income alone. It is not a case of starting the second computation u/s 92 without there being any first computation. 20. The reliance of the ld. AR on the judgments in the case of LIC vs. CIT (1964) 51 ITR 773 (SC) and CIT vs. Oriental Fire and General Insurance Company Ltd., 291 ITR370 (SC), etc. is again not germane to the issue under consideration. In these judgments and the other decisions relied by the ld. Senior counsel, the Hon'ble Courts have held that the profits of insurance business are governed by the rules in Schedule and the Assessing O…

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

In the result this appeal file by the assessee stands dismissed

ITA 4528/MUM/2015[2011-12]Status: DisposedITAT Mumbai06 Sept 2017AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 Dcit -3(2)(1), M/S. Life Insurance Room No.605, 6Th Floor बनाम/ Corporation Of India , Aayakar Bhavan Central Office, F & A Deptt. Vs. M.K. Road 3Rd Floor, West Wing Mumbai-400020. Yogkshema Jeevan Bima Marg Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacl 0582 H Assessment Year: 2011-12 M/S. Life Insurance Dcit -3(2)(1), Corporation Of India , Room No.605, 6Th Floor बनाम/ Central Office, F & A Deptt. Aayakar Bhavan Vs. 3Rd Floor, West Wing M.K. Road Yogkshema Jeevan Bima Marg Mumbai-400020. Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacl 0582 H

Section 10Section 10(23)Section 44

…come 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.” 4.3. It is also noted that the Tribunal vide order dated 24/02/2016 for Assessment Year 2010-11, based upon…

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

In the result, this appeal filed by the Revenue stands partly allowed

ITA 4038/MUM/2015[2010-11]Status: DisposedITAT Mumbai23 Jun 2017AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Ms.Arju GarodiaFor Respondent: Shri Dinkle Hariya
Section 10Section 14ASection 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 judgment. Respectfully following the same, we dismiss 1st, 2nd & 3rd ground of appeal filed by the revenue.…

Exide Life Insurance Company Limited, Bangalore vs. CIT, Bangalore

In the result, the appeal filed by the assessee is allowed

ITA 792/BANG/2016[2009-10]Status: DisposedITAT Bangalore03 May 2017AY 2009-10

Bench: Shri. Vijay Pal Rao & Shri. S. Jayaraman

For Appellant: Shri. T. Suryanarayana, AdvocateFor Respondent: Shri. Sanjay Kumar, CIT
Section 115BSection 143(3)Section 263

…rriding effect over other provisions contained in the Act. It mandates the assessing authorities to compute the taxable income from business of insurance in accordance with the provisions of the First Schedule.' • Life Insurance Corpn. of India v. CIT [1964] 51 ITR 773 (SC) There is no other provision in the Schedule which authorises an ITO to make adjustments in the actuarial valuation made by the assessee. When one comes to rule 3(b) one can find that the first part of it lays down that it shall be obligatory on the ITO to allow certain amounts written off or reserved by the assessee as a deduction and to incl…

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

ITA 4373/MUM/2015[2011-12]Status: DisposedITAT Mumbai30 Mar 2017AY 2011-12

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

For Appellant: Mr. Vipul Joshi, ARFor Respondent: Ms. S. Padmaja, DR
Section 10Section 143(3)Section 44

…luation 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 5 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…

DCIT 10(1), Mumbai vs. Star Unin Dai-Ichi Life Insurance Co. Ltd, Mumbai

In the result, both appeals of the Revenue are dismissed

ITA 6281/MUM/2014[2010-11]Status: DisposedITAT Mumbai11 Jan 2017AY 2010-11

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2009-10 & Assessment Year: 2010-11 Dcit -10(1) M/S. Star Union Dia Ichi Life 455, Aayakar Bhavan, Insurance Company Ltd. बनाम/ 4Th Floor, M.K. Marg, C-5,G Block, Star House, 3Rd Vs. Mumbai 400020 Floor, B.K.C. Bandra(E), Mumbai-400051 (Appellant) (Respondent ) P.A. No.Aalcs3949Q Revenue By Shri B.S. Bist (Dr) Respondent By Shri Shailesh Shah (Ar) सुनवाई क" तार"ख/Date Of Hearing: 14/12/2016 आदेश क" तार"ख /Date Of Order: 11/01/2017

Section 28Section 44

…tted that this report now stands covered in favour of the assessee on the basis of following judgments: (a) ICICI Prudential Insurance Co. Ltd v. ACIT 2012 - 3 Star union Dia ichi life 28 taxmann.com 257 (Mum.) (b) Life Insurance Corporation of India vs ClT 51 ITR 773 [SC] (c) ACIT vs HDFC Standard Life Insurance Co. Ltd - 3004/M/2012 AY 2008-09 (d) Life Insurance Corporation of India V. Addl. CIT Mumbai - 6221/Mum/2012 3.2. It was thus requested that the order of Ld. CIT(A) deserves to be upheld in view of the aforesaid judgments. 3.3. Per contra Ld. DR relied upon the orders of the AO. However, in response to…

DCIT 10(1), Mumbai vs. Star Union Dia-Ichi Life Insurance Company Ltd, Mumbai

In the result, both appeals of the Revenue are dismissed

ITA 5090/MUM/2013[2009-10]Status: DisposedITAT Mumbai11 Jan 2017AY 2009-10

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2009-10 & Assessment Year: 2010-11 Dcit -10(1) M/S. Star Union Dia Ichi Life 455, Aayakar Bhavan, Insurance Company Ltd. बनाम/ 4Th Floor, M.K. Marg, C-5,G Block, Star House, 3Rd Vs. Mumbai 400020 Floor, B.K.C. Bandra(E), Mumbai-400051 (Appellant) (Respondent ) P.A. No.Aalcs3949Q Revenue By Shri B.S. Bist (Dr) Respondent By Shri Shailesh Shah (Ar) सुनवाई क" तार"ख/Date Of Hearing: 14/12/2016 आदेश क" तार"ख /Date Of Order: 11/01/2017

Section 28Section 44

…tted that this report now stands covered in favour of the assessee on the basis of following judgments: (a) ICICI Prudential Insurance Co. Ltd v. ACIT 2012 - 3 Star union Dia ichi life 28 taxmann.com 257 (Mum.) (b) Life Insurance Corporation of India vs ClT 51 ITR 773 [SC] (c) ACIT vs HDFC Standard Life Insurance Co. Ltd - 3004/M/2012 AY 2008-09 (d) Life Insurance Corporation of India V. Addl. CIT Mumbai - 6221/Mum/2012 3.2. It was thus requested that the order of Ld. CIT(A) deserves to be upheld in view of the aforesaid judgments. 3.3. Per contra Ld. DR relied upon the orders of the AO. However, in response to…

Sbi Life Insurance Co. Ltd, Mumbai vs. CIT 1, Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 2863/MUM/2015[2010-11]Status: DisposedITAT Mumbai23 Dec 2016AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…ur attention to the another decisions of the Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance Ltd vide ITA No.2551/M/2010; (ii) HDFC Standard Life Insurance Company Ltd s. DCIT vide ITA No.2203/Mum/2012 (para 2.5); (iii) LIC vs. CIT, 51 ITR 773 and many others to strengthen the above views. In this regard, Ld Counsel filed a composite chart involving the grounds of all the appeals of the assessee as well as the revenue and, for consolidated adjudication of the common grounds, he mentioned that ground no. I, 2, 3 and 4 for the A Ys 2003-04; 2004-05 and 2005-06 and grounds no.1 and 2 of A.…

Sbi Life Insurance Co. Ltd, Mumbai vs. CIT 1, Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 3495/MUM/2014[2009-10]Status: DisposedITAT Mumbai23 Dec 2016AY 2009-10

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…ur attention to the another decisions of the Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance Ltd vide ITA No.2551/M/2010; (ii) HDFC Standard Life Insurance Company Ltd s. DCIT vide ITA No.2203/Mum/2012 (para 2.5); (iii) LIC vs. CIT, 51 ITR 773 and many others to strengthen the above views. In this regard, Ld Counsel filed a composite chart involving the grounds of all the appeals of the assessee as well as the revenue and, for consolidated adjudication of the common grounds, he mentioned that ground no. I, 2, 3 and 4 for the A Ys 2003-04; 2004-05 and 2005-06 and grounds no.1 and 2 of A.…

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

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 2576/MUM/2014[2010-11]Status: DisposedITAT Mumbai23 Dec 2016AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…ur attention to the another decisions of the Tribunal in the cases of (i) M/s. Kotak Mahindra Old Mutual Life Insurance Ltd vide ITA No.2551/M/2010; (ii) HDFC Standard Life Insurance Company Ltd s. DCIT vide ITA No.2203/Mum/2012 (para 2.5); (iii) LIC vs. CIT, 51 ITR 773 and many others to strengthen the above views. In this regard, Ld Counsel filed a composite chart involving the grounds of all the appeals of the assessee as well as the revenue and, for consolidated adjudication of the common grounds, he mentioned that ground no. I, 2, 3 and 4 for the A Ys 2003-04; 2004-05 and 2005-06 and grounds no.1 and 2 of A.…