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

house property\", \"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-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

house property, 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

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

house property, 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

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

In the result, the Revenue's appeal for the

house property, 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

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

In the result, the Revenue's appeal for the

house property, 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

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

In the result, the Revenue's appeal for the

house property, 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

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

In the result, the Revenue's appeal for the

house property, 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

TATA AIA LIFE INSURANCE COMPANY LIMITED ,MUMBAI vs. PRINCIPLE COMM. OF INCOME TAX,RANE-8, MUMBAI

In the result, appeal of the assessee is allowed

house property", "Capital gains" or "Income from other sources, or in section 199 or in sections 28 to 438, the profits and gains of any business of insurance, Including any such business carried on by a mutual insurance company or by a co-operative society. shall be computed in accordance with the rules contained in the First Schedule

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. .

house property", "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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI., MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

Appeal are dismissed

house property',\n'Capital gains' or Income from other sources', or in section\n199 or in sections 28 to 43B, the profits and gains of any\nbusiness of insurance, including any such business carried\non by a mutual insurance company or by a co-operative society, shall\nbe computed in accordance with the rules contained in\nthe First Schedule

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

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

section 115B life insurance income is taxed life insurance income is taxed at a concessional rate of 12.5% whereas income from ‘other business concessional rate of 12.5% whereas income from ‘other business concessional rate of 12.5% whereas income from ‘other business activity’ is to be charged at the normal rate activity’ is to be charged at the normal rate

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD,MUMBAI vs. ASST CIT CIR 6(1), MUMBAI

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 384/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2012-13)

section 44 of IT Act are invoked anything contained in the heads of income like income from other sources, capital gains, house property or even interest on securities does not come into play and only first schedule has to be invoked to arrive at the profit. Therefore, in our opinion both the policyholder's and 65 I.T.A. No. 384 & 632/Mum/2015

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

115B of the Act and therefore the learned AO has erred in taxing the same at the rate of 30%; Levy of tax under section 115-0 on the distributed profits amounting to Rs. 245,14,05,000 19. erred in levying tax under section 115-O on the surplus amount paid by the appellant to GOI in accordance with

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

115B of the Act and therefore the learned AO has erred in taxing the same at the rate of 30%; Levy of tax under section 115-0 on the distributed profits amounting to Rs. 245,14,05,000 19. erred in levying tax under section 115-O on the surplus amount paid by the appellant to GOI in accordance with

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

115B of the Act and therefore the learned AO has erred in taxing the same at the rate of 30%; Levy of tax under section 115-0 on the distributed profits amounting to Rs. 245,14,05,000 19. erred in levying tax under section 115-O on the surplus amount paid by the appellant to GOI in accordance with

ACIT-3(2)(1), MUMBAI, MUMBAI vs. M/S LIFE INSURANCE CORPORATION OF INDIA, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

115B of the Act and therefore the learned AO has erred in taxing the same at the rate of 30%; 5 ITA No. 1710 and 1714/MUM/2022 (A.Y. 2013-14) M/s. Life Insurance Corporation of India Levy of tax under section 115-O on the distributed profits amounting to Rs. 215,45,70,000 19. erred in levying tax under section

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

115B of the Act and therefore the learned AO has erred in taxing the same at the rate of 30%; 5 ITA No. 1710 and 1714/MUM/2022 (A.Y. 2013-14) M/s. Life Insurance Corporation of India Levy of tax under section 115-O on the distributed profits amounting to Rs. 215,45,70,000 19. erred in levying tax under section

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

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

house property',\n'Capital gains' or Income from other sources', or in section\n199 or in sections 28 to 43B, the profits and gains of any\nbusiness of insurance, including any such business carried\non by a mutual insurance company or by a co-operative\nsociety, shall be computed in accordance with the rules\ncontained in the First Schedule