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2015 (7) TMI 1346 - HC - Income TaxDividend income as exempt u/s.10(34) - Whether dividend income is considered as part of income of Life Insurance Business and is included as an 'income' by the actuary? - HELD THAT:- Appeal by the revenue in respect of Assessment Year 2005-06 [2015 (7) TMI 972 - BOMBAY HIGH COURT] was not entertained by us today. Accordingly, Question No.5 is not entertained. Surplus available in Share Holders Account - to be taxed as income from other sources - HELD THAT:- The impugned order while allowing the assessee's appeal holds that income earned on shareholders' amount has to be considered as arising out of Life Insurance Business. Moreover, in terms of Section 44 of the Act, such income has to be taxed in accordance with First Schedule as provided therein. None of the authorities under the Act nor even before us is it urged that the assessee is carrying on separate business other than life insurance business. Accordingly, the impugned order holding that the income from shareholders' account is also to be taxed as a part of life insurance business cannot be found fault with in view of the clear mandate of Section 44 of the Act. Accordingly Question No.8 also does not raise any substantial question of law. Thus not entertained. Appeals admitted on Question Nos. 1, 2, 3, 4 and 6.
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