Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 1372 - ITAT MUMBAIDisallowance of deduction for gains on sale of investment - HELD THAT:- As in own case [2014 (5) TMI 729 - ITAT MUMBAI] Tribunal has considered the issue at para- 3 of its order and at para 5.4 the Tribunal following the earlier orders of the Tribunal in assessee’s own case decided the issue in favour of the assessee and against the Revenue. Respectfully following the decision of the Co-ordinate Bench we decide this issue in favour of the assessee and against the Revenue and confirm the findings of Ld. CIT(A). Ground No.1 is accordingly dismissed. Disallowance under section 10(15) - HELD THAT:- Tribunal in the case of ICICI Prudential Insurance Company Ltd. [2012 (11) TMI 13 - ITAT MUMBAI] has considered the decision of Life Insurance Corporation of India [1977 (11) TMI 25 - BOMBAY HIGH COURT] and in the case of New India Assurance Company Ltd. [1967 (10) TMI 16 - BOMBAY HIGH COURT] the assessee is entitled to get exemption under section 10 of Act, 1961. A similar issue was considered by the Hon’ble Jurisdictional High Court in Writ Petition [2011 (12) TMI 70 - BOMBAY HIGH COURT] has quashed and set aside the notice issued for reopening of the assessment when the Revenue sought to reopen the completed assessment for disallowing the claim of deduction allowed under section 10 of the Act. In the original assessment order. Respectfully following the aforementioned judicial decision we confirm the findings of the Ld. CIT(A) on this issue and dismiss ground No.2 of the appeal. Disallowance made under section 14A - HELD THAT:- We find that similar issue was considered by the Tribunal [2013 (10) TMI 1130 - ITAT MUMBAI] concluded by holding that the issue is decided in favour of the assessee.
|