JCIT (OSD), I/C DCIT, CIRCLE-8(3)(1), MUMBAI vs. M/S. TATA AIA LIFE INSURANCE CO. LTD., MUMBAI

In the result, appeals of the Revenue stands dismissed and appeal/CO of assessee are partly allowed for statistical purposes

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Jt. Commissioner Of Income बिधम/ M/S. Tata Aia Life Tax (Osd)- I/C Dcit, Insurance Co. Ltd. Vs. 14Th Floor, Tower-A, Circle-8(3)(1) Aaykar Bhavan, Room No. Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. Cross Objection No. 80/Mum/2023 Arising Out Of I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) M/S. Tata Aia Life बिधम/ Jt. Commissioner Of Insurance Co. Ltd. Income Tax (Osd)- I/C Vs. 14Th Floor, Tower-A, Dcit, Circle-8(3)(1) Peninsula Business Park, Aaykar Bhavan, Room Senapati, Bapat Marg, No. 615, M. K. Road, Lower Parel, Mumbai- New Marine Lines, 400013. Mumbai-400020. आयकर अपील सं/ I.T.A. No.1759/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2018-19) Jt. Commissioner Of Income बिधम/ M/S. Tata Aia Life Tax (Osd)- I/C Dcit, Insurance Co. Ltd. Vs. Circle-8(3)(1) 14Th Floor, Tower-A, Aaykar Bhavan, Room No. Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. .

Capital gains" or C.O. 80/Mum/2023 A.Ys. 2013-14 & 2018-19 Tata AIA Life Insurance Company Ltd. "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non-obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will

TATA AIA LIFE INSURANCE COMPANY LIMITED ,MUMBAI vs. DCIT- 8(3)(1), MUMBAI

Capital gains\" or\n\n18\nITA Nos. 1897, 1759 & 1757/Mum/2023\nС.О. 80/Mum/2023\nA.Ys. 2013-14 & 2018-19\nTata AIA Life Insurance Company Ltd.\n\n\"Income from other sources\", do not apply in the case of\ncomputation of income from insurance business. The\neffect of the non-obstante clause so far as the earlier part\nof section

DCIT, MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

Accordingly, both the appeals preferred by the Revenue are\ndismissed

gains of business or profession\" at the rate of 12.5%\nin terms of Section 115B of the Act.\n11.2. Before the CIT(A), it was contended on behalf of the Appellant\nthat as per the certificate of registration issued by IRDA under\nSection 3(2A) of the Insurance Act, 1938 the Assessee holds\nlicense to carry out Life Insurance Business

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

EVEREST INDUSTRIES LTD,NOIDA vs. DY CIT CIRLCE-1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

EVEREST INDUSTRIES LTD.,NOIDA vs. DY CIT CIRCLE- 1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

EVEREST INDUSTRIES LTD, NOIDA vs. DY CIT CIRLCE-1 , THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

115B of the Act despite the fact that no adjustment adjustment adjustment other other other than than than the the the ones ones ones mentioned menti menti in Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Sec.115JB is permissible as held by the Supreme Court in the case of Apollo Tyres

ACIT 1(1)(1), MUMBAI vs. M/S HDFC STANDARD LIFE INSURANCE CO. LTD (NOW KNOWN AS HDFC LIFE INSURANCE CO LTD.), MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital gains, house property or even interest on securities did not come into play and only first schedule had to be invoked to arrive at the profit,that both accounts-the Policyholders‟ and Share-holders‟ account- had to be consolidated for the purpose of arriving at the deficit or surplus.We further find that the Hon‟ble Bombay Court

ACIT-1(1)(1), MUMBAI vs. HDFC LIFE INUSRANCE COMPANY LIMITED , MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital gains, house property or even interest on securities did not come into play and only first schedule had to be invoked to arrive at the profit,that both accounts-the Policyholders‟ and Share-holders‟ account- had to be consolidated for the purpose of arriving at the deficit or surplus.We further find that the Hon‟ble Bombay Court

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

capital ITA No. 2716/Mum/2023 & C.O. 22/Mum/2024 10 gains, house property or even interest on securities did not come into play and only first schedule had to be invoked to arrive at the profit, that both accounts- the Policyholders’ and Share-holders’ account- had to be consolidated for the purpose of arriving at the deficit or surplus. We further find that

DY. COMMISIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE CO. LTD., MUMBAI

In the result, the Revenue's appeal for the

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness

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

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness

DCIT-1(3)(1), MUMBAI vs. M/S SBI LIFE INSURANCE CO. LTD, MUMBAI

In the result, the Revenue's appeal for the

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness

DY. COMMISSIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the Revenue's appeal for the

Capital gains or Income from other\nsources. Being non-obstante clause, sec. 44 mandates that the profits and\ngains of insurance business shall be computed in accordance with the rules\ncontained in First Schedule. Therefore, the incomes in Shareholder's account\nare to be taxed as part of life insurance business only, as they are part of same\nbusiness