M/s.Bajaj Allianz General Insurance Co. Ltd. v. ACIT

38 DTR 282Reported decision2010#4583 most cited

What is M/s.Bajaj Allianz General Insurance Co. Ltd. v. ACIT authority for?

Section 14A of the Income-tax Act is not applicable to insurance businesses governed by specific provisions of Section 44 and Schedule 1. Profit on sale of investments by insurance companies is not taxable, especially after the deletion of sub-rule (b) of Rule 5 of the First Schedule.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2024.

Also referred to as

Bajaj Allianz General Insurance Co. Ltd. v. ACIT · 38 DTR 282 · section 14A · section 44 · insurance business · disallowance u/s 14A · profit on sale of investments · First Schedule Rule 5

Sections most often in play

Section 10(23AAB)Section 10(34)Section 115BSection 14ASection 44

Issues it is cited on

section 14(a)section 14a(1)section 42section 44disallowance u/s 14asection 115bsection 14aappeal before the tribunalprevious yearsection 143companytransfer

Judgments citing M/s.Bajaj Allianz General Insurance Co. Ltd. v. ACIT

DCIT-CC-5(3), MUMBAI, AIR INDIA BUILDING, NARIMAN POINT vs. KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 2352/MUM/2024[2020-21]Status: DisposedITAT Mumbai03 Oct 2024AY 2020-21

Bench: Shri Amit Shukla & Shri Gagan Goyaldcit, Cc 5(3), 1906, 19Th Floor, Air India Building, Nariman Point, Mumbai - 400 020. ..... Appellant Vs. Kotak Mahindra Life Insurance Co. Ltd. 8Th Floor, 12Bkc, Bandra Kurla Complex, G Block, Mumbai – 400 051 Pan No. Aaaco3983B ..... Respondent

For Appellant: Shri Biswanath Das, Ld. DRFor Respondent: Shri Farooq Irani, Ld. AR
Section 10Section 10(34)Section 115BSection 142(1)Section 143(1)Section 143(2)Section 14ASection 250Section 44

…he disallowance made by Assessing Officer is consequently confirmed and the ground of appeal is rejected." 12. Aggrieved the assessee is on appeal before us. In the case of Bajaj Alliance General Insurance Company Ltd vs. Additional Commissioner of Income Tax 38 DTR 282 Pune, It 8 Kotak Mahindra Life Insurance Co. Ltd. has been held that Sec.14A is not applicable in the case of Insurance business, which is governed by specific provisions of 44 and Schedule 1. In the case of Reliance General Insurance Co Ltd vs. Deputy Commissioner of Income Tax, Mumbai Bench, similar view has been taken. Similarly In the case of…

DCIT, CHENNAI vs. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LTD., CHENNAI

In the result, appeals filed by the Revenue for all assessment years

ITA 1367/CHNY/2013[2009-2010]Status: DisposedITAT Chennai28 Jun 2023AY 2009-2010

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub- rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after consid…

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, appeals filed by the Revenue for all assessment years

ITA 1670/CHNY/2011[2008-09]Status: DisposedITAT Chennai28 Jun 2023AY 2008-09

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub- rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after consid…

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, appeals filed by the Revenue for all assessment years

ITA 1669/CHNY/2011[2007-08]Status: DisposedITAT Chennai28 Jun 2023AY 2007-08

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub- rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after consid…

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, appeals filed by the Revenue for all assessment years

ITA 1668/CHNY/2011[2006-07]Status: DisposedITAT Chennai28 Jun 2023AY 2006-07

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub- rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after consid…

M/S SHRIRAM GENERAL INSURANCE COMPANY LTD.,E-8, EPIP RIICO INDUSTRIAL AREA, SITAPURA, JAIPUR vs. PCIT, JAIPUR-2, JAIPUR

In the result, this appeal of the assessee is allowed

ITA 260/JPR/2023[2018-19]Status: DisposedITAT Jaipur28 Jun 2023AY 2018-19

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal, CAFor Respondent: Shri Ajey Malik, CIT
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 263Section 30Section 44

…oard u/s 119 of the Act to provide for disallowance of expenditure u/s 14A in case of insurance company. As against this the assessee has specifically relied on the decision of ITAT, Pune Bench in case of Bajaj Allianz General Insurance Co. Ltd. Vs. Addl. CIT 38 DTR 282, Delhi ITAT in case of DCIT Vs. Oriental General Insurance Co. Ltd. 92 TTJ 300 and decision of Supreme Court in case of General Insurance Corporation of India Ltd. Vs. CIT 240 ITR 139(PB 23-24)considering which the AO has not made any disallowance u/s 14A.Thus none of the condition ofclause (a), (b) & (c) of Explanation 2 to section 263 is applica…

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

ITA 2449/MUM/2022[2018-2019]Status: DisposedITAT Mumbai30 Nov 2022AY 2018-2019

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

For Appellant: Shri. Madhur Agrawal, AdvFor Respondent: Smt. Madhumalti Ghosh, CIT DR
Section 14A

…on appeal before us. In the case of Bajaj Aggrieved the assessee is on appeal before us. In the case of Bajaj Alliance General Insurance Company Ltd vs Additional Commissioner of Alliance General Insurance Company Ltd vs Addit ional Commissioner of Income Tax 38 DTR 282 Pune, it has been held that Sec 14A is not Income Tax 38 DTR 282 Pune, it has been held that Sec 14A is not Income Tax 38 DTR 282 Pune, it has been held that Sec 14A is not applicable in the case of Insurance business, which is governed by applicable in the case of Insurance business, which is governed by applicable in the case of Insurance busine…

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

ITA 1413/MUM/2022[2017-18]Status: DisposedITAT Mumbai28 Sept 2022AY 2017-18
Section 115BSection 143(3)Section 14A

…wance. The disallowance made by Ld. A.O. is consequently confirmed and the ground of appeal is rejected." 12. Aggrieved the assessee is on appeal before us. In the case of Bajaj Alliance General Insurance Company Ltd v/s Additional Commissioner of Income Tax 38 DTR 282 Pune, it has been held that Sec. 14A is not applicable in DCIT 14(1)(1) the case of Insurance business, which is governed by specific provisions of 44 and Schedule 1. In the case of Reliance General Insurance Co Ltd v/s Deputy Commissioner of Income Tax, Mumbai Bench, similar view has been taken. Similarly in the case of Birla Sunlife Insurance C…

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

ITA 1353/MUM/2022[2016-2017]Status: DisposedITAT Mumbai28 Sept 2022AY 2016-2017
Section 115BSection 143(3)Section 14A

…wance. The disallowance made by Ld. A.O. is consequently confirmed and the ground of appeal is rejected." 12. Aggrieved the assessee is on appeal before us. In the case of Bajaj Alliance General Insurance Company Ltd v/s Additional Commissioner of Income Tax 38 DTR 282 Pune, it has been held that Sec. 14A is not applicable in DCIT 14(1)(1) the case of Insurance business, which is governed by specific provisions of 44 and Schedule 1. In the case of Reliance General Insurance Co Ltd v/s Deputy Commissioner of Income Tax, Mumbai Bench, similar view has been taken. Similarly in the case of Birla Sunlife Insurance C…

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

ITA 1352/MUM/2022[2014-2015]Status: DisposedITAT Mumbai28 Sept 2022AY 2014-2015
Section 115BSection 143(3)Section 14A

…wance. The disallowance made by Ld. A.O. is consequently confirmed and the ground of appeal is rejected." 12. Aggrieved the assessee is on appeal before us. In the case of Bajaj Alliance General Insurance Company Ltd v/s Additional Commissioner of Income Tax 38 DTR 282 Pune, it has been held that Sec. 14A is not applicable in DCIT 14(1)(1) the case of Insurance business, which is governed by specific provisions of 44 and Schedule 1. In the case of Reliance General Insurance Co Ltd v/s Deputy Commissioner of Income Tax, Mumbai Bench, similar view has been taken. Similarly in the case of Birla Sunlife Insurance C…

CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LTD.,CHENNAI vs. ACIT, CHENNAI

ITA 1621/CHNY/2011[2007-08]Status: DisposedITAT Chennai26 Aug 2022AY 2007-08

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LTD.,CHENNAI vs. ACIT, CHENNAI

ITA 1620/CHNY/2011[2006-07]Status: DisposedITAT Chennai26 Aug 2022AY 2006-07

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

ACIT, CHENNAI vs. M/S. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED, CHENNAI

ITA 40/CHNY/2009[2005-06]Status: DisposedITAT Chennai26 Aug 2022AY 2005-06

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

M/S. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LTD.,CHENNAI vs. ACIT, CHENNAI

ITA 2146/CHNY/2008[2005-06]Status: DisposedITAT Chennai26 Aug 2022AY 2005-06

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

ACIT LTU 2 , CHENNAI vs. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED, CHENNAI

ITA 950/CHNY/2018[2010-11]Status: DisposedITAT Chennai26 Aug 2022AY 2010-11

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

ACIT LTU 2 , CHENNAI vs. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED, CHENNAI

ITA 949/CHNY/2018[2010-11]Status: DisposedITAT Chennai26 Aug 2022AY 2010-11

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

M/S CHOLAMANDALAM MS GENERAL INSUSRANCE COMPANY LIMITED,CHENNAI vs. DCIT, PARGE TAX PAYER UNIT 2

ITA 784/CHNY/2018[2010-11]Status: DisposedITAT Chennai26 Aug 2022AY 2010-11

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

M/S CHOLAMANDALAM MS GENERAL INSUSRANCE COMPANY LIMITED,CHENNAI vs. DCIT, PARGE TAX PAYER UNIT 2

ITA 783/CHNY/2018[2010-11]Status: DisposedITAT Chennai26 Aug 2022AY 2010-11

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

M/S CHOLAMANDALAM MS GENERAL INSUSRANCE COMPANY LIMITED,CHENNAI vs. DCIT, PARGE TAX PAYER UNIT 2

ITA 782/CHNY/2018[2013-14]Status: DisposedITAT Chennai26 Aug 2022AY 2013-14

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED,CHENNAI vs. DCIT, CHENNAI

ITA 2276/CHNY/2014[2009-10]Status: DisposedITAT Chennai26 Aug 2022AY 2009-10

Bench: Shri V.Durga Rao & Shri G. Manjunatha(अपीलाथ"/Appellant) (""यथ"/Respondent) S.

For Appellant: Mr. Percy J. PardiwallaFor Respondent: Mr. M.Swaminathan, Sr.Standing
Section 195Section 3Section 40Section 5

…case of Royal Sundaram Alliance General Insurance Co.Ltd. (supra) and held that profit on sale of investments is not taxable in the hands of insurance companies. The ITAT., Pune Bench in the case of M/s.Bajaj Allianz General Insurance Co. Ltd. Vs. ACIT (2010) 38 DTR 282 had considered identical issue and held that income from profit on sale of investments by insurance companies is not taxable, after deletion of sub-rule (b) of Rule 5 of First Schedule. Therefore, from the above, it is very clear that profit on sale of investments is not taxable in the case of insurance companies. The learned CIT(A), after conside…

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