Pandyan Insurance Company Ltd. v. CIT

55 ITR 716Reported decision1965#18060 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2021.

Judgments citing Pandyan Insurance Company Ltd. v. CIT

Kavita Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

ITA 5858/DEL/2018[2011-12]Status: DisposedITAT Delhi30 Jun 2021AY 2011-12
Section 10(38)Section 111ASection 112Section 115JSection 143(1)Section 143(3)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER M/s The Oriental Dy.CIT Insurance Co. Ltd. LTU, A-25/27, Asaf Ali Road, Vs. New Delhi. New Delhi-110 002 PAN –AAACT 0627R (Appellant) (Respondent) Appellant By Sh. Tarandeep Singh, Adv. Respondent by Sh. Pramita M. Biswas, CIT-DR Date of Hearing 04.06.2021 Date of Pronouncement 30.06.2021 ORDER PER SUDHANSHU SRIVASTAVA, JM: The present appeal has been filed by the assessee against the order dated 21st June 2016 pa…

M/S the Oriental Insurance Co. Ltd., New Delhi vs. DCIT, New Delhi

ITA 4535/DEL/2016[2010-11]Status: DisposedITAT Delhi30 Jun 2021AY 2010-11
Section 10(38)Section 111ASection 112Section 115JSection 143(1)Section 143(3)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER M/s The Oriental Dy.CIT Insurance Co. Ltd. LTU, A-25/27, Asaf Ali Road, Vs. New Delhi. New Delhi-110 002 PAN –AAACT 0627R (Appellant) (Respondent) Appellant By Sh. Tarandeep Singh, Adv. Respondent by Sh. Pramita M. Biswas, CIT-DR Date of Hearing 04.06.2021 Date of Pronouncement 30.06.2021 ORDER PER SUDHANSHU SRIVASTAVA, JM: The present appeal has been filed by the assessee against the order dated 21st June 2016 pa…

ACIT Circle-3(1)(2), Mumbai vs. Export Credit Guarantee Corporation of India Ltd., Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

ITA 4077/MUM/2018[2012-13]Status: DisposedITAT Mumbai12 Dec 2019AY 2012-13

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 143(3)Section 14ASection 44

…ies should be carried out not according to the ordinary principles applicable to business concerns as laid down in section 10, but in quite a different manner." The view so taken has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 ITR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Ltd. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320): "...... the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and accepted by him would be binding on the Income-tax Officer, except that the I…

Ecgc Limited, Mumbai vs. DCIT - Circle-3(1)(2), Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

ITA 3569/MUM/2018[2011-12]Status: DisposedITAT Mumbai12 Dec 2019AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 143(3)Section 14ASection 44

…ies should be carried out not according to the ordinary principles applicable to business concerns as laid down in section 10, but in quite a different manner." The view so taken has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 ITR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Ltd. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320): "...... the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and accepted by him would be binding on the Income-tax Officer, except that the I…

Asst CIT 1(3), Mumbai vs. General Insurance Corporation of India, Mumbai

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

ITA 4926/MUM/2014[2010-11]Status: DisposedITAT Mumbai02 Mar 2016AY 2010-11

Bench: Shri C.N. Prasad & Shri Rajesh Kumarआयकर अपील सं/ I.Ta No.4926/Mum/2014 ("नधा"रण वष" / Assessment Year:2010-11 बनाम/ Acit 1(3), General Insurance Aayakar Bhavan, Corporation Of India, Vs. Mumbai-400 020 “Suraksha”, 170, J. Tata Road, Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacg 0615N (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By: Shri H.S. Singh ""यथ" क" ओर से/Respondent By: Shri Farrokh V. Irani सुनवाई क" तार"ख / Date Of Hearing :10.02.2016 घोषणा क" तार"ख /Date Of Pronouncement :02.03.2016 आदेश / O R D E R Per C.N. Prasad, Jm: This Appeal Is Filed By The Revenue Against The Order Of The Ld. Cit(A)-2, Mumbai Dated 21.03.2014 Pertaining To Assessment Year 2010-11. 2. The Revenue Has Raised Following Grounds In Its Appeal:

For Appellant: Shri H.S. SinghFor Respondent: Shri Farrokh V. Irani
Section 115Section 115JSection 14ASection 2(43)Section 246ASection 44

…om has decided not to tax the same. In support it was cited that the Insurance Company are governed by Rule 5 of a Schedule. Reliance was placed on the decision of Supreme Court in the case of General Company of India 240 ITR 139 and Pandyne Insurance Company 55 ITR 716. (c) The allegation of the AO was that any part of the profits and gains not attributable to the Insurance Business cold qualify for exemption and liable to be taxed. The contention of the assessee was that firstly the financial statements of an Insurance Company has to be finalized in accordance with the insurance regulatory and development autho…

Pandyan Insurance Company Ltd. v. CIT (55 ITR 716) — Cited in 5 Judgments | BharatTax