What is Life Insurance Corporation of India v. CIT authority for?

The assessment of profits for insurance companies is governed by specific rules within schedules, and the Assessing Officer (AO) cannot make adjustments if Section 44 has been invoked. Insurance businesses may be entitled to exemptions under Section 10(15) even when Section 44 applies, as Section 44 does not exclude such claims.

How many judgments cite Life Insurance Corporation of India v. CIT?

30 judgments on BharatTax cite Life Insurance Corporation of India v. CIT (115 ITR 45), spanning 2016 to 2025.

Which sections of the Income Tax Act does Life Insurance Corporation of India v. CIT come up under?

It is most often cited in judgments turning on Section 44, Section 14A, Section 10(15), Section 10(34), Section 10(38), Section 148.

Life Insurance Corporation of India v. CIT (115 ITR 45)

DCIT, Central Circle -1(1), Mumbai vs. Edelweiss Tokio Life Insurance Co. Ltd, Mumbai

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

ITA 2715/MUM/2019[2013-14]Status: DisposedITAT Mumbai07 Apr 2021AY 2013-14

For Appellant: Shri Ravikanth PathakFor Respondent: Shri Vijay Kumar Menon (DR)

Section 10(34)Section 115Section 143(2)Section 14ASection 44Section 56

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.2715/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2013-14) Dy. Commissioner of बिधम/ Edelweiss Tokio Life Income tax Central Circle Insurance Co. Ltd. Vs. 294/3, Edelweiss House, 4th 1(1) R. No. 903, 9th fl., Pratishtha Floor, Vidyanagari Marg, Bhavan, M. K. Road, Off C. S. T. Road, Kalina, Mumbai-400020. Santacruz (E), Mumbai- 400098. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCE2709H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Vijay Kumar Menon (DR) Assessee…

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

The appeal stands dismissed

ITA 6270/MUM/2018[2012-13]Status: DisposedITAT Mumbai22 Oct 2020AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.6270/Mum/2018 (धििाारण वर्ा / Assessment Year:2012-13 ) Dcit–Central Circle-1(1) M/S. Edelweiss Tokio Life Insurance Ltd. 4Th Floor, Edelweiss House बिाम/ Room No.903, 9Th Floor Off Cst Road, Kalina Old Cgo (Annexe) Vs. Santacruz (East), Mumbai-400 098. M.K. Road, Mumbai-400 020. स्थायीलेखा िं./जीआइआर िं./Pan/Gir No. Aaace-2709-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Jitendra Jain-Ld.Ar Revenue By : Shri Amit Pratap Singh -Ld. Dr ुनवाई की तारीख/ : 07/10/2020 Date Of Hearing घोषणा की तारीख / : 22/10/2020 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Revenue For Assessment Year [In Short Referred To As ‘Ay’] 2012-13 Contest The Order Of Ld. Commissioner Of Income- Tax (Appeals)-8, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-8/It-217/2016-17 Dated 20/08/2018 On Following Grounds: - 1. "Whether On Facts & Circumstance Of The Case & In Law, The Ld. Cit(A), Is Correct In Allowing Exemptions U/S. 10(34) Of The Income Tax Act, 1961, Amounting To Rs.17,92,987/- On Account Of Dividend Income Which Was Denied By The Assessing Officer On The Basis The Fetters Prescribed In Section 44 Of The Income

For Appellant: Shri Jitendra Jain-Ld.ARFor Respondent: Shri Amit Pratap Singh -Ld. DR

Section 10(34)Section 143(3)Section 14ASection 44

…s: - (i) DCIT V/s IDBI Federal Life Insurance Company Ltd. (ITA 6282/Mum/2012) (ii) General Insurance Company Ltd. V/s DCIT (342 ITR 27 Bom) (iii) CIT V/s New India Assurance Company Ltd. (71 ITR 761 Bom) (iv) Life Insurance Corporation of India Ltd. V/s CIT (115 ITR 45 Bom) Therefore, the action of Ld. AO in taxing the dividend income was reversed. 3.4 The alternative disallowance u/s 14A, as proposed by Ld. AO was deleted by observing that the provisions of Sec.14A would not apply in case of insurance companies as held in following judicial decisions: - (i) ACIT V/s Kotak Mahindra Old Mutual Life Insurance Lt…

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

ITA 3385/MUM/2017[2012-13]Status: DisposedITAT Mumbai29 Aug 2019AY 2012-13

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

For Appellant: Shri Farrokh V. Irani/AmrutaFor Respondent: Dr. Narender Kumar &

Section 10Section 10(34)Section 143(1)Section 143(2)Section 44

…e Income Tax-Act; 1961 the exemption is available to the assessee while computing the taxable income. Also, the same view is approved by the Hon’ble High Court of Bombay in case of Life Insurance Corporation of India vs. Commissioner of Income Tax reported in 115 ITR 45 (Bom), Hon'ble Mumbai Tribunal in the case of ICICI Prudential Insurance Co. Ltd vs. Asstt. Commissioner of Income Tax Circle- 6(1) (2012-TIOL-580- ITAT-MUM-ITA No.7765/MUM/2010) and Hon'ble Mumbai Tribunal in the case of SBI Life vs Commissioner of Income Tax - 1, Mumbai, (2013- TIOL-681-ITAT-MUM, ITA No.6366/ Mum/2011). It is also noteworthy tha…

ACIT 12(2)(2), Mumbai vs. India First Life Insurance Co.Ltd, Mumbai

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

ITA 1912/MUM/2018[2013-14]Status: DisposedITAT Mumbai07 Aug 2019AY 2013-14

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1912/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2013-14) Acit-12(2)(2) बिधम/ M/S. India First Life 12(2)(2), Room No.145, 1St Insurance Company Ltd. Vs. Floor, Aayakar Bhavan, 301, B-Wing, The Qube, M.K. Road, Mumbai- Infinity Park, Dindhosi, Film 400020. City Road, Malad (E), Mumbai-400097. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcb6215G (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Manjunatha Swamy (Dr) Assessee By: Shri Ketan Ved/Ninad Patade सुनवाई की तारीख / Date Of Hearing: 01/08/2019 घोषणा की तारीख /Date Of Pronouncement: 07/08/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 15.12.2017 Passed By The Commissioner Of Income Tax (Appeals) -22, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2013- 14. 2. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Ketan Ved/Ninad PatadeFor Respondent: Shri Manjunatha Swamy (DR)

Section 10Section 10(34)Section 143(1)Section 143(2)Section 44

…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…