Life Insurance Corporation of India v. CIT

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

Bench: Shri Pawan Singh& Smt. Renu Jauhri

…ut 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 citing any specific section of the Act under which the proposed disallowance…

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

Bench: Shri Pawan Singh& Smt. Renu Jauhri

…ut 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 citing any specific section of the Act under which the proposed disallowance…

DCIT Cen 5 3, Mumbai vs. Icici Lombard General Insurance Co. Limited, Mumbai

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

…on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Court in Life Insurance Corporation of India v. CIT nce Corporation of India v. CIT (1978) 115 ITR 45 (1978) 115 ITR 45 (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance business is entitled to exemption under section 10(15), as the business is entitled to exemption under section 10(15), as the business i…

DCIT Cen 5 3, Mumbai vs. Icici Lombard General Insurance Co. Limited, Mumbai

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

…on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Court in Life Insurance Corporation of India v. CIT nce Corporation of India v. CIT (1978) 115 ITR 45 (1978) 115 ITR 45 (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance business is entitled to exemption under section 10(15), as the business is entitled to exemption under section 10(15), as the business i…

DCIT Cen 5 3, Mumbai vs. Icici Lombard General Insurance Co. Limited, Mumbai

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

…on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Court in Life Insurance Corporation of India v. CIT nce Corporation of India v. CIT (1978) 115 ITR 45 (1978) 115 ITR 45 (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance business is entitled to exemption under section 10(15), as the business is entitled to exemption under section 10(15), as the business i…

DCIT Cen 5 3, Mumbai vs. Icici Lombard General Insurance Co. Limited, Mumbai

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

…on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Reliance was placed on the judgment of the Hon’ble Bombay High Court in Life Insurance Corporation of India v. CIT nce Corporation of India v. CIT (1978) 115 ITR 45 (1978) 115 ITR 45 (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance (Bom), wherein it was held that an assessee engaged in insurance business is entitled to exemption under section 10(15), as the business is entitled to exemption under section 10(15), as the business i…

Dy. Commissioner of Income Tax, Mumbai vs. Sbi Life Insurance Company Limited, Mumbai

In the result, the Revenue's appeal for the

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that section 44 of the Act overrides sections 28 to 43B and not the provisions of section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

Dy. Commisioner of Income Tax, Mumbai vs. Sbi Life Insurance Co. Ltd., Mumbai

In the result, the Revenue's appeal for the

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that section 44 of the Act overrides sections 28 to 43B and not the provisions of section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

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

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under Section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that Section 44 of the Act overrides Sections 28 to 43B and not the provisions of Section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

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

In the result, the Revenue's appeal for the

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under Section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that Section 44 of the Act overrides Sections 28 to 43B and not the provisions of Section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

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

In the result, the Revenue's appeal for the

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under Section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that Section 44 of the Act overrides sections 28 to 43B and not the provisions of Section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

DCIT-1(3)(1), Mumbai vs. M/S Sbi Life Insurance Co. Ltd, Mumbai

In the result, the Revenue's appeal for the

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

…AO denied the exemption claimed by the assessee under section 10(23AAB) of the Act. 20. The learned CIT(A), vide impugned order, following the decision of the Hon'ble Jurisdictional High Court in Life Insurance Corporation of India vs. CIT, reported in (1978) 115 ITR 45 (Bom), and the decision of the Co-ordinate Bench of the Tribunal rendered in assessee's own case for the preceding years held that section 44 of the Act overrides sections 28 to 43B and not the provisions of section 10 of the Act. Accordingly, the learned CIT(A) directed the AO to delete the addition made by the AO on account of the exemption clai…

Assistant Commissioner of Income Tax, Mumbai vs. Hdfc Life Insurance Company Limited, Mumbai

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

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

…ome. Further, as regards the exemption claimed u/s 10(15)(iv)(h) of the Act in respect of the interest income, the learnedCIT(A) followed the decision of the Hon’ble Jurisdictional High Court in the case of Life Insurance Corporation of India Vs. CIT, [1978] 115 ITR 45 (Bom) and held that the assessee is entitled to claim the exemption. Being aggrieved the Revenue is in appeal before us. 17. Having considered the submissions of both sides and material and perused the material available on record. We find that the Coordinate Bench of the Tribunal in assesee’s own case in the assessment years2017-18 & 2018-19 c…

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

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

…s on the busi- ness of general insurance would be entitled to the benefit of an exemption under clauses (15), (23G) and (33) of section 10 is directly governed by the decision rendered by the Division Bench in Life Insurance Corporation of India v. CIT [1978] 115 ITR 45 (Bom) following the earlier decision in CIT v. New India Assurance Co. Ltd. [1969] 71 ITR 761 (Bom). The Assessing Officer could not have ignored the binding precedent contained in the two Division Bench decisions of this court. Moreover, the Assessing Officer in allowing the benefit of the exemption, in the order of assessment under section 143(3…

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

…e actuarial valuation as per the provisions of the Insurance Act, 1938. Whereas the contention of the Assessee is that this issue stands decided in favour of the Assessee by the judgment of the Hon‘ble Bombay High Court in the case of the Assessee reported in 115 ITR 45 and the decisions of the Tribunal in the case of the Assessee for the Assessment Years 2007-08, 2008-09, 2009-10, 2014-15, 2016- 17 and 2017-18. 47. We have considered the rival submissions and perused the material on record. We note that the assessing officer in paragraph 5.5 the Assessment Order has noted that this issue has been decided by the…

DCIT 12 (2)(2), Mumbai vs. India First Life Insurance Company Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – 12(2)(2) V. M/S. India First Life Insurance Room No. 128F, 1St Floor Company Ltd., Aayakar Bhavan, M.K. Road B-301, Tril It 4, Film City Road Mumbai - 400020 Malad(E), Mumbai - 400097 Pan: Aadcb6215G (Appellant) (Respondent)

…er from the order of the CIT(A) where he has allowed assessee's claim of exemption under section 120 (23AA8) of surplus of participation Pension Business and also dividend under section 10(34). Accordingly, revenue ground on this issue is rejected." (ii) LIC (115 ITR 45) "The only effect of section 44 is that the operation of the provisions referred to therein is excluded in the case of an assessee who carries on insurance business and in whose case the provisions of rule 2 of the First Schedule are attracted. If the deductions which are claimed by the assessee do not fall within the provisions in the case of an…

DCIT 12 (2)(2), Mumbai vs. M/S India First Life Insurance Company Ltd, Mumbai

In the result, impugned order is upheld and appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy & Shri M.Balaganeshआअसं. 6725/मुं/2019 ("न. व. 2016-17) Dcit-12(2)(2), Room No. 128F, 1St Floor, Aayakar Bhavan, Churchgate, ...... अपीलाथ" /Appellant Mumbai-400020 बनाम Vs. M/S India First Life Insurance Co. Ltd. B-301, Tril It 4, Filmcity Road, Malad (East), Mumbai-400097. Pan: Aadcb6215G ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Sh. R.K. Sahu ""तवाद" "वारा/Respondent By : Shri Farookh V. Irani सुनवाई क" "त"थ/ Date Of Hearing : 09/08/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 30/08/2021 आदेश/ Order Per Vikas Awasthy, Jm: This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-20, Mumbai [Hereinafter Referred To As ‘The Cit(A)’] Dated 30.08.2019 For Assessment Year (Ay) 2016-17. 2 Ita No. 6725 Mum 2019 (A.Y. 2016-17)

…er from the order of the CIT(A) where he has allowed assessee's claim of exemption under section 120 (23AA8) of surplus of participation Pension Business and also dividend under section 10(34). Accordingly, revenue ground on this issue is rejected." (ii) LIC (115 ITR 45) "The only effect of section 44 is that the operation of the provisions referred to therein is excluded in the case of an assessee who carries on insurance business and in whose case the provisions of rule 2 of the First Schedule are attracted. If the deductions which are claimed by the assessee do not fall within the provisions in the case of an…