PNB METLIFE INDIA INSURANCE COMPANY LIMITED,BANGALORE vs. PR. CIT, BANGALORE
In the result, appeal of the assessee is allowed
ITA 756/BANG/2015[2010-11]Status: DisposedITAT Bangalore29 Apr 2016AY 2010-11
Bench: Shri. Abraham P. George
For Appellant: Shri. K. P. Kumar, Senior CounselFor Respondent: Shri. G. R. Reddy, CIT – DR-I
Section 115BSection 143(3)Section 263Section 27ASection 44
Section 115B of the Act,
income from insurance business was required to be taxed at 12.5%,
whereas balance of the total income was to be taxed at normal rates. As per
the CIT, profits and gains of life-insurance business had to be carved out of
the total income of the assessee which was not done
