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2015 (7) TMI 972 - HC - Income TaxAppeal admitted on following questions:- Whether on the facts and in the circumstances of the case and in law, the Tribunal correct in interpreting that on account of “legisltion by incorporation”, 'only' the “unamended” Insurance Act 1938 and the Regulations thereunder became part of Section 44 r.w. Rule 2 of the First Schedule of the I.T. Rules? 2) Whether on the facts and in the circumstances of the case and in law, the Tribunal correct in interpreting Section 44 r.w. Rule 2 of the First Schedule that the legislature consciously omitted incorporation of the provision of Insurance Regulatory and Development Authority Act 1999 and Regulations made thereunder in Rule 2 of the First Schedule which 'refers' only to unamended Insurance Act 1938 and Regulations made thereunder? 3) Whether on the facts and in the circumstances of the case in in law, the Tribunal is correct in allowing the relief to the assessee by holding that “surplus” available both in Policy Holders Account and Share Holder's Account is to be consolidated and only “net surplus” is to be taxed as income from Insurance Business? 4) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that provisions of Section 14A of the Act did not apply to Insurance business, even when the assessee has claimed exempted income u/s.10 of the I.T. Act and has also itself made some disallowance u/s 14A of the Act in the return?
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