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2017 (10) TMI 722 - ITAT MUMBAIIncome from share holders account - whether to be treated on par with the income from the insurance business under the policy holders account taxable u/s 44 - Held that:- This issue is squarely covered in assessee’s own wherein the tribunal has considered that the shareholders funds constituted an integral and indivisible part of assessee’s Life Insurance Business and assessee’s sole business purpose was to carry on Life Insurance Business as per extant regulations and, hence, these two accounts formed part and parcel of the assessee’s business. Exemption u/s. 10(34) of dividend income - Held that:- We find that the Tribunal consistently is holding that the assessee has already suffered divided distribution tax u/s. 115O of the Act and, therefore, it is exempt u/s. 10(34) of the Act. Disallowance u/s. 14A r/w Rule 8D - Held that:- This issue is covered in assessee’s own case as held that Section 14A disallowance do not apply to insurance companies which are covered by special provisions of Section 44 and hence, dismiss revenue's appeal.
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