Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1796 - ITAT MUMBAIAllowance of the claim of the assessee by CIT(A) in connection with the income from shareholder’s account - HELD THAT:- Since this issue has been adjudicated in favour of the assessee in which the income arising in shareholder’s accounts under the head life insurance business has been treated as income from business. The facts are not distinguishable at this stage. No law contrary to the law relied by the Ld. Representative of the assessee has been produced before us. Taking into account all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously. Addition of negative reserves - HELD THAT:- As noticed that the CIT(A) has decided the matter of controversy on the basis of decision of Hon’ble Supreme Court in case of Life Insurance Corporation of India [1963 (12) TMI 5 - SUPREME COURT] The facts are not distinguishable at this stage. The treatment of incremental negative reserve is quite same as held in the previous year [2016 (12) TMI 1741 - ITAT MUMBAI] There is no reason to deviate from the finding of the CIT(A). No law contrary to the law relied by the Ld. Representative of the assessee has been produced before us. Taking into account all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Allowance of claim of dividend income u/s 10(34) - Addition raised on account of exemption of the claim u/s 10(23AAB) on account of income from pension scheme - HELD THAT:- We noticed that the CIT(A) has decided the issues on the basis of decision of Bombay High Court in case of Life Insurance Corporation of India [1977 (11) TMI 25 - BOMBAY HIGH COURT] The facts are not distinguishable at this stage. No law contrary to the law relied by the Ld. Representative of the assessee has been produced before us. Taking into account all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage.
|