LIC v. CIT

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

…f Insurance Act 1938, IRDA Act 1999 and regulations there under accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" and as shown by the assessee in Form-1 in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778?. 2. Whether on the facts & circumstances of the case and in law, the Ld. CIT(A) is correct In concluding that transfer from share Holders Account to Policy Holder's Account and shown as part of 'surplus' in the "actuarial valuation" was only transfer of capital asset and not taxable u/s 44 of the Act r.w Rule 2 of the First Schedule? 3. Whether o…

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

…f Insurance Act 1938, IRDA Act 1999 and regulations there under accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" and as shown by the assessee in Form-1 in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778?. 2. Whether on the facts & circumstances of the case and in law, the Ld. CIT(A) is correct In concluding that transfer from share Holders Account to Policy Holder's Account and shown as part of 'surplus' in the "actuarial valuation" was only transfer of capital asset and not taxable u/s 44 of the Act r.w Rule 2 of the First Schedule? 3. Whether o…

ACIT, CIRCLE-14(1)(1), MUMBAIQ vs. M/S KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD, MUMBAI

In the result, the appeal of the Revenue is dismis

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2018-19 Acit-14(1)(1), M/S. Kotak Mahindra Life Room No. 432, 4Th Floor, Aayakar Insurance Company Ltd Bhavan, M.K.Road Vs. 2Nd Floor, 12 Bkc, Mumbai-400020. Bandra Kurla Complex Mumbai-400 051 Pan No. Aaaco3983B Appellant Respondent Assessee By : Shri. Madhur Agrawal, Adv. Revenue By : Smt. Madhumalti Ghosh, Cit Dr : Date Of Hearing 23/11/2022 Date Of Pronouncement : 30/11/2022

…under Rule 2 of 1st Schedule was 44 of the IT Act. The principles laid down by the Hon'ble Supreme was 44 of the IT Act. The principles laid down by the Hon'ble Supreme was 44 of the IT Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. VIT 512 ITR 773 about the powers of Assessing Officer Court in LIC vs. VIT 51 2 ITR 773 about the powers of Assessing Officer also restrict the scope and adjustments by the AQ. In view of this we also restrict the scope and adjustments by the AQ. In view of this we also restrict the scope and adjustments by the AQ. In view of this we uphold the order of the CIT(…

DCIT- CIRCLE- 14 (1)(1), MUMBAI vs. KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD., MUMBAI

In the result all the three appeals of the Revenue are dismissed

…pprove. Moreover the Ld. A.O. has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the I.T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. VIT 512 ITR 773 about the powers of Ld. A.O. also restrict the scope and adjustments by the Ld. A.O. In view of this we uphold the order of the Ld. CIT(A) and dismiss the Revenue ground." 7.4 Further, the Appellant argued that this issue was taken up before me for A.Y. 2010-11 wherein it was held that Negative Reserve cannot be brought to tax 7.5 Since the fac…

DCIT,CIRCLE-14(1)(1)., MUMBAI vs. M/S KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD, MUMBAI

In the result all the three appeals of the Revenue are dismissed

…pprove. Moreover the Ld. A.O. has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the I.T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. VIT 512 ITR 773 about the powers of Ld. A.O. also restrict the scope and adjustments by the Ld. A.O. In view of this we uphold the order of the Ld. CIT(A) and dismiss the Revenue ground." 7.4 Further, the Appellant argued that this issue was taken up before me for A.Y. 2010-11 wherein it was held that Negative Reserve cannot be brought to tax 7.5 Since the fac…

DCIT,CIRCLE-14(1)(1)., MUMBAI vs. M/S KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD, MUMBAI

In the result all the three appeals of the Revenue are dismissed

…pprove. Moreover the Ld. A.O. has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the I.T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. VIT 512 ITR 773 about the powers of Ld. A.O. also restrict the scope and adjustments by the Ld. A.O. In view of this we uphold the order of the Ld. CIT(A) and dismiss the Revenue ground." 7.4 Further, the Appellant argued that this issue was taken up before me for A.Y. 2010-11 wherein it was held that Negative Reserve cannot be brought to tax 7.5 Since the fac…

DCIT 1(1)(2), MUMBAI vs. HDFC STANDARAD LIFE INSURANCE CO. LTD, MUMBAI

Appeals stands dismissed

Bench: Hon‟Ble Shri Manoj Kumar Aggarwal, Am & Hon‟Ble Shri Ravish Sood, Jm (Hearing Through Video Conferencing Mode) 1. आयकर अपील सं./ Ita No.1917/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) & 2. आयकर अपील सं./ Ita No. 1918/Mum/2017 (यनधाारण वर्ा / Assessment Year: 2013-14) & 3. आयकर अपील सं./ Ita No.5639/Mum/2017 (यनधाारण वर्ा / Assessment Year: 2014-15) & 4. आयकर अपील सं./ Ita No.1191/Mum/2017 (यनधाारण वर्ा / Assessment Year: 2015-16) Dcit-1(1)(2) M/S. Hdfc Standard Life Insurance Co. Ltd. 12Th & 13Th Floor, Lodha Excelus बिाम/ 579, Aaykar Bhawan M.K. Road Mumbai 400 020. Appollo Mills Compound, Nm Joshi Marg Vs. Mahalaxmi, Mumbai 400 011. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaach- 8755-L (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 5. Cross Objection No.228/Mum/2018 (Arising Out Of Ita No.1917/Mum/2017) (Assessment Year: 2012-13) & 6. Cross Objection No.227/Mum/2018 (Arising Out Of Ita No.1918/Mum/2017) (Assessment Year: 2013-14) & 7. Cross Objection No.33/Mum/2017 (Arising Out Of Ita No.5639/Mum/2017) (Assessment Year: 2014-15) & 8. Cross Objection No.33/Mum/2020 (Arising Out Of Ita No.1191/Mum/2019) (Assessment Year: 2015-16)

…e Act, 1938, Insurance Regulatory and Development Authority Act, 1999 and regulation there under and accordingly allowing adjustment from the “surplus” [and as shown by the assessee in Form-1] in violation of ratio of the Apex court in the case of LIC Vs. CIT 51 ITR 778?.” “2. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) was correct in interpreting that on account of “legislation by interpretation”, „only‟ the “un- amended” Insurance Act 1938 and the Regulations there under became part of Section 44 r.w.Rule 2 of the First Schedule of the I.T. Rules.” 3 HDFC Standard Life Insuran…

DCIT CIR 6(3)(1), MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD, MUMBAI

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

Bench: Shri Shamim Yahya & Shri Pavan Kumar Gadaledcit Cir-6(3)(1) Icici Prudential Life बनाम/ R.No. 506, 5Th Floor, Insurance Co. Ltd., Vs. Aayakar Bhavan, Mk Road 1089, Appasaheb Marathe Mumbai. Marg, Prabhadevi, Mumbai – 400 025. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci7351P .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…Development Authority Act 1999 and regulations there under and accordingly allowing adjustment from the surplus worked as per 'actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778? 2. Whether on the facts and in the circumstances of the case and in law, the Ld CIT(A) erred in allowing the relief to the assessee by holding that 'surplus" available both in Policy Holders Account and Share Holders Account is to be consolidated and only "net surplus" is to be taxed as income from Insurance Business? ICICI Prudential Live Insur…

DCIT CIR 6(3)(1), MUMBAI vs. IDBI FEDERAL LIFE INSURANCE CO. LTD, MUMBAI

Accordingly, the same is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Bledy. Commissioner Of Income- Tax V. M/S. Idbi Federal Life Insurance Circle – 6(3)(1) Company Pvt. Ltd., 22Nd Floor, A Wing, Marathon Futurex Room No. 506, 5Th Floor N.M. Joshi Marg, Lower Parel (E) Aayakar Bhavan, M.K. Road Mumbai – 400 013 Mumbai – 400 020 Pan: Aabci6227M (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI G. MANJUNATHA, HON'BLE ACCOUNTANT MEMBER Dy. Commissioner of Income- tax v. M/s. IDBI Federal Life Insurance Circle – 6(3)(1) Company Pvt. Ltd., 22nd Floor, A Wing, Marathon Futurex Room No. 506, 5th Floor N.M. Joshi Marg, Lower Parel (E) Aayakar Bhavan, M.K. Road Mumbai – 400 013 Mumbai – 400 020 PAN: AABCI6227M (Appellant) (Respondent) CO. NO. 10/MUM/2019 [ARISING OUT OF ITA No. 6971/MUM/2017 (A.Y: 2011-12)] M/s. IDBI Federal Life Insurance v. Dy. Commissioner of Income- tax Company Pvt. Ltd.…

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD,MUMBAI vs. ASST CIT CIR 6(1), MUMBAI

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 384/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2012-13)

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the I.T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the AO. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. 34. After having gone through the aforementioned orders, we find that the identical issue has already been decided by the Coordinate Bench of Hon’ble ITAT in AY 2005-06 to 200…

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

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

…evelopment Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed.” 4. Briefly stated, the facts of the case are that the assessee company is engaged in the business of life insurance and filed its return of income for assessment year 2012-13 declaring a loss of Rs.83,17,14,360/- on account…

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

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

…evelopment Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed.” 4. Briefly stated, the facts of the case are that the assessee company is engaged in the business of life insurance and filed its return of income for assessment year 2012-13 declaring a loss of Rs.83,17,14,360/- on account…

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

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

…evelopment Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed.” 4. Briefly stated, the facts of the case are that the assessee company is engaged in the business of life insurance and filed its return of income for assessment year 2012-13 declaring a loss of Rs.83,17,14,360/- on account…

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

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

…evelopment Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed.” 4. Briefly stated, the facts of the case are that the assessee company is engaged in the business of life insurance and filed its return of income for assessment year 2012-13 declaring a loss of Rs.83,17,14,360/- on account…

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

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

…evelopment Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per "actuarial valuation" [and as shown by the assessee in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed.” 4. Briefly stated, the facts of the case are that the assessee company is engaged in the business of life insurance and filed its return of income for assessment year 2012-13 declaring a loss of Rs.83,17,14,360/- on account…

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

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

…er has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of Ist Schedule r.w.s. 44 of the IT Act. The principles laid down by the 5 Assessment Year: 2011-12 Hon’ble Supreme court in LIC Vs CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the AO. In view of this, we uphold the order of the CITs (A) and dismiss the Revenue ground.” 4.3 In the above ITAT’s case, in the ICICI Prudential Life Insurance Corporation of India, it is clearly held that Negative Reserve need not be added in the computation of…

DCIT 2(1), MUMBAI vs. IDBI FEDERAL LIFE INSURANCE CO. LTD, MUMBAI

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

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 Dcit-6(1) Idbi Federal Life 5Th Floor, Room No. Insurance Company Vs. 506, Aayakarbhavan, 1St Floor, Tradeview, M.K. Road, Oasis Complex, Kamala Mumbai-400020. City, P.B. Marg, Lower Parel (W), Mumbai-400013 Pan No. Aabci6227M Appellant Respondent Assessment Year: 2008-09 Idbi Federal Life Insurance Dcit-6(1) Company 5Th Floor, Room No. Vs. 1St Floor, Tradeview, Oasis 506, Aayakar Complex, Kamala City, P.B. Bhavan, M.K. Road, Marg, Lower Parel (W), Mumbai-400020. Mumbai-400013 Pan No. Aabci6227M Appellant Respondent

…urance Regulatory and Development Authority Act 1999 and regulations there under and accordingly allowing adjustment from the "actuarial valuation'' [and as shown by the assesses in Form-I] in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778, without appreciating the fact that this decision of the ITAT was not accepted by the Department and appeal u/s 260A of the Income Tax Act. 1961 has been filed. 2 On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in relying on the order of the ITAT in the case of ICICI Prudential Life Insurance Co Ltd for A.Y. 2005…

DCIT 10(1), MUMBAI vs. STAR UNIN DAI-ICHI LIFE INSURANCE CO. LTD, MUMBAI

In the result, both appeals of the Revenue are dismissed

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

…ed. Moreover, the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the IT Act. The principles laid down by the Hon'ble Supreme Court in LIC CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the AO. In view of this, we uphold the order of the CIT(A) and dismiss the Revenue ground." 4.3 In the above ITAT’s case, in the ICICI Prudential Life Insurance Corporation of India, it is clearly held that Negative Reserve need not be added in the computation of i…

DCIT 10(1), MUMBAI vs. STAR UNION DIA-ICHI LIFE INSURANCE COMPANY LTD, MUMBAI

In the result, both appeals of the Revenue are dismissed

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

…ed. Moreover, the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the IT Act. The principles laid down by the Hon'ble Supreme Court in LIC CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the AO. In view of this, we uphold the order of the CIT(A) and dismiss the Revenue ground." 4.3 In the above ITAT’s case, in the ICICI Prudential Life Insurance Corporation of India, it is clearly held that Negative Reserve need not be added in the computation of i…

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

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

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the 1 T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the A O. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. " 7. As can be seen above, the Hon'ble ITAT, Mumbai held that Mathematical Reserve, which is debited on expense side of the profit and loss account, is computed as per the ins…