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2019 (11) TMI 1544 - AT - Income TaxExemption u/s.10(38) on the profit on sale of investments - HELD THAT:- As decided in own case [2012 (10) TMI 882 - ITAT MUMBAI] even if sale of investments is liable to be taxed, yet to the extent it relates to long term capital gain falling under Section 10(38) of the Act, the exemption would be available -exemption available to any other assesee under clause 10(38) relating to long term capital, would also be available to a person carrying on nonlife Insurance business - Decided against revenue. Provisions of section 14A r.w. Rule 8D have no application to the assessee an insurance company - See assessee own case [2018 (3) TMI 1891 - ITAT MUMBAI] Amortization of premium - HELD THAT:- As decided in assessee own case [2018 (3) TMI 1891 - ITAT MUMBAI] hold that the premium paid by the assessee on purchase of government securities is liable to be amortized and amortization claimed by the assessee is revenue expenditure and is allowable. The ground raised by the Revenue is dismissed. MAT applicability u/s 115JB - HELD THAT:- The accounts of the insurance company are prepared in accordance with the Insurance Act, 1938 as has been provided under section 44A read with First Schedule and therefore, the provisions of section 115JB do not apply to the assessee’s case.
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